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aMarch 2018
March 2018
MONTHLYECONOMICREVIEW
BANK OF TANZANIA
b March 2018
iMarch 2018
Contents
1.0 Inflation and Food Stocks ........................................................................................................ 1
1.1 Inflation Developments ..................................................................................................... 1
1.2 Food Stocks .................................................................................................................... 1
1.3 Prices of Food Crops ...................................................................................................... 2
2.0 Monetary and Financial Markets ................................................................................................ 2
2.1 Money Supply and Credit ................................................................................................. 2
2.2 Interest Rates .................................................................................................................... 4
2.3 Financial Markets .............................................................................................................. 4
2.3.1 Treasury Bills Market ........................................................................................... 4
2.3.2 Treasury Bonds Market ....................................................................................... 5
2.3.3 Inter-Bank Cash Market ...................................................................................... 5
2.3.4 Repurchase Agreements ..................................................................................... 5
2.3.5 Inter-Bank Foreign Exchange Market .................................................................. 6
3.0 Government Budgetary Operations ............................................................................................ 6
4.0 External Sector Performance ..................................................................................................... 7
World Commodity Prices ........................................................................................................... 8
5.0 National Debt ............................................................................................................................ 8
5.1 External Debt ................................................................................................................... 8
5.2 Domestic Debt ............................................................................................................... 9
6.0 Economic Developments in Zanzibar ........................................................................................ 10
6.1 Inflation Developments .................................................................................................... 10
6.2 Government Budgetary Operations ................................................................................. 10
6.3 External Sector Performance ............................................................................................ 11
6.3.1 Current Account .................................................................................................. 11
6.3.2 Exports ................................................................................................................ 11
6.3.3 Imports ................................................................................................................ 12
Statistical Tables .................................................................................................................................. 13
Glossary ............................................................................................................................................... 23
ii March 2018
1March 2018
1.0InflationandFoodStocks
1.1 InflationDevelopmentsTwelve-month headline inflation remained below the medium-target target of 5.0 percent for four months in a row, although it increased slightly to 4.1 percent in February 2018 from 4.0 percent in the preceding month (Chart 1.1 and Table 1.1). The increase was mostly contributed by non-food inflation. On month-to-month basis, headline inflation was 1.1 percent in February 2018 compared with 1.0 percent in the corresponding month in 2017.
Chart 1.1: Annual Inflation RatesPercent
-2
0
2
4
6
8
10
12
Feb-
15
May
-15
Aug-
15
Nov-
15
Feb-
16
May
-16
Aug-
16
Nov-
16
Feb-
17
May
-17
Aug-
17
Nov-
17
Feb-
18
Headline Food Non-food
Source: National Bureau of Statistics and Bank of Tanzania computations.
Like in the preceding month, all main groups recorded annual inflation rates below headline inflation, except those for food and non-alcoholic beverages; and housing, water, electricity, gas and other fuel. Twelve-month food and non-alcoholic beverages inflation was 5.4 percent in February 2018 compared with 6.3 percent in January 2018 and 8.7 percent in February 2017. On month-to-month basis, food and non-alcoholic beverages inflation eased to 1.4 percent in February 2018, from 1.7 percent and 2.3 percent in the preceding month and corresponding month in 2017, respectively (Table 1.1).
Table 1.1: Headline Inflation and its Main Components
Base December 2015 = 100
Main groups Weight Feb-17 Jan-17 Feb-18 Feb-17 Jan-17 Feb-18
Food and non-alcoholic beverages 38.5 2.3 1.7 1.4 8.7 6.3 5.4
Alcoholic, tobacco and narcotics 3.7 0.3 0.1 0.0 5.2 2.6 2.3
Clothing and footwear 8.3 0.0 0.4 0.6 3.2 2.7 3.3
Housing, water, electricity, gas and other fuel 11.6 1.3 0.1 2.7 8.7 7.1 8.6
Furnishing, housing equip and routine maintanance 6.3 0.3 0.4 0.2 3.8 1.8 1.6
Health 2.9 0.1 0.2 0.0 3.3 1.6 1.6
Transport 12.5 -0.5 0.3 0.8 0.6 0.3 1.6
Communication 5.6 -0.7 0.0 0.2 -1.5 -1.0 -0.2
Recreation and culture 1.6 0.5 0.3 0.0 1.4 2.0 1.5
Education 1.5 0.2 1.8 0.2 0.8 2.5 2.5
Restaurants and hotels 4.2 0.1 0.4 0.2 3.9 0.8 0.9
Miscellaneous goods and services 3.1 0.0 0.2 0.1 1.9 2.6 2.7
All Items (Headline inflation) 100.0 1.0 0.8 1.1 5.5 4.0 4.1
Other selected groups:
Food and non-alcoholic beverages - combining food consumed at home and food consumed in restaurants 37.1 2.4 1.8 1.5 9.3 6.7 5.8
Energy and fuels - combining
electricity and other fuels for use at home with petrol and diesel 8.7 2.1 0.3 3.7 12.3 10.4 12.1
All items less food (non-food) 62.9 0.4 0.3 0.9 3.6 2.8 3.3
All items less food and energy 54.3 0.1 0.3 0.4 2.2 1.4 1.7
Monthly change Annual change
Source: National Bureau of Statistics and Bank of Tanzania computations.
Twelve-month non-food inflation increased to 3.3 percent in February 2018 from 2.8 percent in the preceding month, but was lower than 3.6 percent in February 2017. On monthly basis, non-food inflation rose to 0.9 percent from 0.4 percent in February 2017.
Annual energy and fuel inflation was 12.1 percent in February 2018 compared with 10.4 percent and 12.3 percent in January 2018 and February 2017, respectively. Meanwhile, monthly energy and fuel inflation increased considerably to 3.7 percent in February 2018 from 0.3 percent in January 2018 and 1.2 percent in the corresponding month in 2017.
Annual inflation for all items excluding food and energy, which is used as proxy for core inflation, also increased to 1.7 percent in February 2018 from 1.4 percent in January 2018, but was lower than 2.2 percent in the corresponding month in 2017. On month-to-month basis, all items excluding food and energy inflation was 0.4 percent in February 2018 compared with 0.3 percent and 0.1 percent in the preceding month and corresponding month in 2017, respectively.
2 March 2018
1.2 FoodStocksFood stocks held by the National Food Reserve Agency (NFRA) decreased to 91,313 tonnes in February 2018 from 91,947 tonnes in January 2018 (Table 1.2). During the month, NFRA sold 634.3 tonnes of food to private traders, World Food Program (WFP) and Prisons Department. There was no purchase of new stock during the month.
Table 1.2: Food Stocks Held by National Food Reserve Agency
Tonnes
2014 2015 2016 2017 2018
January 235,309.0 459,561.0 125,668.0 86,833.5 91,947.0
February 228,014.0 454,592.0 88,414.0 86,444.0 91,312.7
March 214,157.0 452,054.0 68,727.0 86,443.8
April 195,246.0 433,547.0 64,825.0 86,278.0
May 195,956.0 406,846.0 63,341.0 74,826.0
June 189,494.0 353,702.0 61,837.5 70,393.0
July 182,200.0 282,401.0 49,632.0 68,697.0
August 196,854.0 268,514.9 59,832.0 78,434.0
September 299,624.0 265,046.0 86,545.0 85,403.0
October 426,999.0 253,655.2 90,905.0 89,248.0
November 460,295.0 238,133.6 90,900.0 93,353.7
December 466,583.0 180,746.3 89,691.8 92,074.0Source: National Food Reserve Agency
1.3 PricesofFoodCropsWholesale prices for all major food crops—maize, rice, beans, sorghum, potatoes and finger millet—declined in February 2018 compared to prices recorded in corresponding period in 2017 save for those of rice, potatoes and finger millet (Table 1.3). On month-to-month basis, all major food crops also recorded declines in prices in February 2018 except maize and sorghum. Chart 1.2 shows price developments for the major food crops in the last three years.
Table 1.3: Wholesale Prices of Major Food Crops
TZS per 100 kg
Crop Feb-17 Jan-18 Feb-18Jan-18 to Feb-18
Feb-17 to Feb-18
Maize 105,107.6 49,807.5 58,834.3 18.1 -44.0
Rice 175,277.9 193,578.1 186,509.2 -3.7 6.4
Beans 183,212.7 178,823.7 170,566.8 -4.6 -6.9
Sorghum 100,626.3 76,435.6 117,237.9 53.4 16.5
Potatoes 79,567.2 76,789.4 71,506.8 -6.9 -10.1
Finger millet 81,774.2 154,335.0 147,339.8 -4.5 80.2
Percentage change
Source: Ministry of Industry, Trade and Investment.
Chart 1.2: Annual Change in Wholesale Prices of Major Food Crops
Percent
-60
-40
-20
0
20
40
60
80
100
Feb-
15
May
-15
Aug-
15
Nov-
15
Feb-
16
May
-16
Aug-
16
Nov-
16
Feb-
17
May
-17
Aug-
17
Nov-
17
Feb-
18
Maize Rice Beans
-40
-20
0
20
40
60
80
100
120
Feb-
15
May
-15
Aug-
15
Nov-
15
Feb-
16
May
-16
Aug-
16
Nov-
16
Feb-
17
May
-17
Aug-
17
Nov-
17
Feb-
18
Sorghum Round Potatoes Finger Millet
Source: Ministry of Industry, Trade and Investment; Bank of Tanzania computations.
2.0MonetaryandFinancialMarkets
2.1 MoneySupplyandCreditAnnual growth of money supply remained on an upward movement for two months in succession, in the wake of monetary policy easing pursued by the Bank of Tanzania since the first quarter of 2017 to ensure that liquidity in banks is adequate to support economic activities. In particular, extended broad money supply (M3) recorded year-on-year growth of 11.2 percent in February 2018, compared with 9.5 percent in the preceding month and 1.7 percent in the corresponding month in 2017, supported by net foreign assets of the banking system and banks’ credit to the private sector (Chart 2.1 and Table 2.1).
3March 2018
Chart 2.1: Developments in Money Supply
0
4
8
12
16
20
0
5,000
10,000
15,000
20,000
25,000
Feb-
17
Mar
-17
Apr-1
7
May
-17
Jun-
17
Jul-1
7
Aug-
17
Sep-
17
Oct
-17
Nov-
17
Dec-
17
Jan-
18
Feb-
18
Perc
ent
Billio
ns o
f TZS
M3 Money stock (LHS) M3 growth (RHS)
Source: Bank of TanzaniaNote: LHS refers left hand scale and RHS, right hand scale
Table 2.1: Money Supply and Components Billions of TZS
Feb-17 Jan-18 Feb-18 Feb-17 Jan-18 Feb-18
Net foreign assets of the banking system 8,521.4 11,380.7 11,196.2 7.3 36.8 31.4
Bank of Tanzania 8,575.0 11,771.7 11,687.6 14.7 40.0 36.3
Banks -53.6 -390.9 -491.4 --- --- ---
Net domestic assets of the banking system 13,858.0 13,566.5 13,681.8 -1.5 -6.2 -1.3
Domestic claims 20,729.8 20,913.1 20,531.1 -0.4 0.0 -1.0
Claims on central government (net) 4,087.9 3,989.6 3,675.4 -15.7 -8.3 -10.1
o/w: Securities held by banks 4,382.7 5,404.2 5,486.2 9.4 28.8 25.2
Claims on the private sector 16,641.9 16,923.5 16,855.6 4.2 2.1 1.3
Other items net -6,871.8 -7,346.6 -6,849.3 1.9 13.7 -0.3
Extended broad money supply (M3) 22,379.4 24,947.2 24,877.9 1.7 9.5 11.2
Foreign currency deposits 6,379.6 6,405.2 6,700.1 1.5 0.8 5.0
Broad money supply (M2) 15,999.8 18,542.0 18,177.9 1.8 12.9 13.6
Other deposits 6,134.5 7,195.1 7,202.3 -4.5 12.4 17.4
Narrow money supply (M1) 9,865.3 11,346.9 10,975.5 6.1 13.2 11.3
Currency in circulation 3,412.5 3,676.3 3,614.4 -1.1 5.9 5.9
Transferable deposits 6,452.8 7,670.6 7,361.1 10.4 17.1 14.1
Outstanding stock Annual growth (%)
Source: Bank of Tanzania, and banks Note: “---“ denotes a change that exceeds 100 percent in absolute terms, and o/w, of which
Chart 2.2: Annual Changes in Major Sources of Money Supply
Billions of TZS
-2,000
-1,000
0
1,000
2,000
3,000
4,000
Feb-
17
Mar
-17
Apr-1
7
May
-17
Jun-
17
Jul-1
7
Aug-
17
Sep-
17
Oct
-17
Nov-
17
Dec-
17
Jan-
18
Feb-
18
Credit to the private sector NFA of banking system Net credit to the government
Source: Bank of Tanzania, and banks Note: NFA stands for net foreign assets
Net foreign assets (NFA) of the banking system grew by 31.4 percent in the year to February 2018, compared with 7.3 percent in the corresponding period in 2017, explained by growth of net foreign assets of the Bank of Tanzania that outweighed the impact of massive decline in NFA of banks (Chart 2.3). NFA of the Bank of Tanzania grew by 36.3 percent, year-on-year, following cumulative effect of proceeds of external non-concessional loan and purchase of foreign exchange from the domestic financial market. Meanwhile, increase in banks’ foreign borrowing largely triggered decline in NFA of banks.
Chart 2.3: Annual Changes in Net Foreign Assets of the Banking System
Billions of TZS
-1800
-900
0
900
1800
2700
3600
4500Fe
b-17
Mar
-17
Apr-1
7
May
-17
Jun-
17
Jul-1
7
Aug-
17
Sep-
17
Oct
-17
Nov
-17
Dec
-17
Jan-
18
Feb-
18
Net foreign assets of the Bank of Tanzania Net foreign assets of banksNet foreign assets of the banking system
Source: Bank of Tanzania, and banks
Total domestic credit by the banking system contracted by 1.0 percent compared with contraction of 0.4 percent in the year to February 2017, mainly explained by shrinkage in net credit to government from the banking system (Chart 2.4). Contraction in net credit to the government reflects slowdown in Bank of Tanzania advances to the government coupled with sizable build-up of government deposits at the Bank of Tanzania following great improvement in revenue collection and cumulative effect of proceeds from external non-concessional loan. Meanwhile, banks’ net credit to the government, which is reflected in the banks’ holding of government securities recorded annual growth of 25.3 percent in February 2018 compared with 31.2 percent and 14.6 percent in the preceding month and corresponding month in 2017, respectively.
4 March 2018
Chart 2.4: Net Credit to Government from Banking System
-36
-28
-20
-12
-4
4
12
0
900
1,800
2,700
3,600
4,500
5,400
Feb-
17
Mar
-17
Apr-1
7
May
-17
Jun-
17
Jul-1
7
Aug-
17
Sep-
17
Oct
-17
Nov-
17
Dec-
17
Jan-
18
Feb-
18
Perc
ent
Billio
ns o
f TZS
Net credit to the government (LHS) Growth of net credit to the government (RHS)
Source: Bank of TanzaniaNote: LHS denotes left hand scale and RHS right hand Scale
Annual growth of credit to the private sector remained positive at 1.3 percent in February 2018, albeit lower than 2.1 percent in January 2018 and 4.2 percent in the corresponding period in 2017 (Chart 2.5). In relation to growth of credit to major economic activities, all economic activities recorded expansions except transport and communication, agriculture and trade activities. Personal loans recorded significant annual growth rate reflecting reclassification of salaried loans that were previously treated as part of loans to other services in favour of health and education.
Chart 2.5: Credit to Private Sector by Banks
-3
-1
1
3
5
7
9
0
3,000
6,000
9,000
12,000
15,000
18,000
Feb-
17
Mar
-17
Apr-1
7
May
-17
Jun-
17
Jul-1
7
Aug-
17
Sep-
17
Oct
-17
Nov-
17
Dec-
17
Jan-
18
Feb-
18
Perc
ent
Billio
ns o
f TZS
Stock of credit to the private sector (LHS) Credit growth (RHS)
Source: Banks and Bank of Tanzania computationsNote: LHS denotes left hand scale and RHS right hand scale
In terms of shares to outstanding credit to the private sector, personal loans and trade activities remained dominant, accounting for 27.2 percent and 20.2 percent, respectively. During the year to February 2018, shares of stocks of credit to personal, manufacturing, and other services activities to total private sector credit stock increased, while those of other activities decreased relative to the corresponding period in 2017 (Chart 2.6).
Chart 2.6: Share of Outstanding Credit Extended by Banks to Major Economic Activities
Percent
19.7 20
.6
11.1
6.9 7.4
4.6 5.
5
3.6
20.5 21
.1
11.3
6.9
5.9
4.8
7.9
3.7
27.2
20.2
11.5
6.7
5.8
5.1
4.0
3.7
Personal Trade Manufacturing Agriculture Transport andcommunication
Other Services Building andconstruction
Hotels andrestaurants
Feb-17 Jan-18 Feb-18
Source: Banks and Bank of Tanzania computations.
2.2 InterestRatesResponding to the ease monetary policy stance, albeit with a lag, banks’ average lending and deposits interest rates lessened further in February 2018 from the rates recorded in January 2018 and the corresponding month in 2017. The overall weighted average lending rate was 17.27 percent in February 2018 compared with 18.31 percent in January 2018 and 17.80 percent in the corresponding month in 2017. Likewise, the overall weighted average deposit rate fell to 8.91 percent from 9.50 percent and 10.32 percent in January 2018 and February 2017, respectively. Specifically, one-year lending rate eased by 63 basis points from rates recorded in January 2018 and February 2017 to 18.01 percent. The 12-month deposit rate also fell to an average rate of 10.09 percent from 10.77 percent and 12.12 percent in the preceding month and corresponding month in 2017, respectively (Chart 2.7).
Chart 2.7: Selected Banks Interest RatesPercent
7
8
10
11
13
14
16
17
19
20
Feb-
17
Mar
-17
Apr-1
7
May
-17
Jun-
17
Jul-1
7
Aug-
17
Sep-
17
Oct
-17
Nov-
17
Dec-
17
Jan-
18
Feb-
18
Overall time deposits rate 12 Months deposits rateOverall lending rate Short-term lending rate (Up to 1 year)
Source: Banks and Bank of Tanzania computations.
5March 2018
2.3 FinancialMarkets2.3.1 TreasuryBillsMarketThe Bank of Tanzania conducted two Treasury bills auctions worth TZS 340.0 billion in February 2018 compared with TZS 290.0 billion offered in the preceding month. Bids received amounted to TZS 627.0 billion, higher than TZS 555.7 billion in January 2018. Out of total bids received, more than 70 percent was by banks. The Bank accepted bids worth TZS 338.2 billion compared with TZS 291.2 billion in the preceding month (Chart 2.8). Overall weighted average yield remained on a downward movement, averaging 5.45 percent from 6.54 percent in the preceding month and 15.02 percent in the corresponding month in 2017, reflecting liquidity adequacy in the banking system.
Chart 2.8: Performance in Treasury Bills Market
0
3
5
8
10
13
15
18
20
0
150
300
450
600
750
900
1,050
1,200
Feb-
17
Mar
-17
Apr-1
7
May
-17
Jun-
17
Jul-1
7
Aug-
17
Sep-
17
Oct
-17
Nov-
17
Dec-
17
Jan-
18
Feb-
18
Perc
ent
Billio
ns o
f TZS
Offer (LHS) Tender (LHS)Successful bids (LHS) Overall WAY (RHS)
Source: Bank of Tanzania.Note: LHS denotes left hand scale and RHS, right hand Scale.
2.3.2TreasuryBondsMarketIn the Treasury bonds market, the Bank of Tanzania issued 2- and 7-year Treasury bonds worth TZS 84.0 billion and TZS 100.0 billion, respectively. Both auctions were highly oversubscribed, with received bids at TZS 317.2 billion for a 2-year bond and TZS 230.9 billion for a 7-year bond. The successful bids were TZS 84.0 billion and TZS 150.0 billion for the 2-year and 7-year bonds, respectively. Like in the Treasury bills auctions, yields on Treasury bonds remained on a declining trend. The weighted average yield to maturity (WAY) for the 2-year bond was 9.21 percent compared with 11.10 percent recorded in the last 2-year bond auction, while that of 7-year bond declined to 12.96 percent from 13.98 percent.
2.3.3Inter-BankCashMarketThe value of transactions in the inter-bank cash market increased to TZS 581.9 billion in February 2018, from TZS 544.4 billion January 2018, of which
61.8 percent were overnight placements. Reflecting increase in liquidity in the market, overnight interbank cash market interest rate declined further to an average of 1.83 percent from 2.74 percent in the preceding month. The overall interbank cash market interest rate also fell to an average of 1.97 percent from 3.00 percent (Chart 2.9).
Chart 2.9: Inter-Bank Cash Market Transactions
0
2
4
6
8
10
0
120
240
360
480
600
Feb-
17
Mar
-17
Apr-1
7
May
-17
Jun-
17
Jul-1
7
Aug-
17
Sep-
17
Oct
-17
Nov-
17
Dec-
17
Jan-
18
Feb-
18
Perc
ent
Billio
ns o
f TZS
Value of overnight transactions (LHS)Value of interbank cash market transactions (LHS)
Overnight interbank rate (RHS)Overall interbank cash market rate (RHS)
Source: Bank of Tanzania.Note: LHS refers left hand scale and RHS right hand scale.
2.3.4RepurchaseAgreementsThe Bank of Tanzania uses repurchase agreements (repo) and reverse repo1 as short-term instruments to keep liquidity in banks within the required levels. During February 2018, the Bank of Tanzania conducted repurchase agreement (repo) with banks worth TZS 370.0 billion against the maturing amount of TZS 270.0 billion, implying a net mop up of TZS 100.0 billion. This is in contrast to TZS 18.0 billion sold in the preceding month against maturing amount of TZS 50.0 billion. Like other money market rates, repo rate also fell to an average of 1.10 percent in February 2018 from 2.24 percent in the preceding month (Chart 2.10). Meanwhile, the Bank conducted no reverse repo during the month under review.
Chart 2.10: Reverse Repurchase Agreements
0
1
2
3
4
5
6
7
8
0
50
100
150
200
250
300
350
400
Feb-
17
Mar
-17
Apr-1
7
May
-17
Jun-
17
Jul-1
7
Aug-
17
Sep-
17
Oct
-17
Nov-
17
Dec-
17
Jan-
18
Feb-
18
Perc
ent
Billio
ns o
f TZS
Repo sales (LHS) Redemptions (LHS) Repo rate (RHS)
Source: Bank of Tanzania.Note: LHS refers left hand scale and RHS right hand scale.
1 Repo is initiated by the Bank of Tanzania for mopping up excess liquidity in banks, whilst reverse repo works in the opposite direction.
6 March 2018
2.3.5 Inter-BankForeignExchangeMarket
The value of transactions in the inter-bank foreign exchange market (IFEM) amounted to USD 186.0 million in February 2018 compared with USD 163.6 million in the preceding month. The Bank of Tanzania participated on both selling and buying sides of the market, selling USD 50.7 million and purchasing USD 50.1 million in order to maintain an orderly market and meet seasonal demand for foreign exchange. During the month, the shilling recorded a slight deprecation against the US dollar trading at an average rate of TZS 2,254.5 per US dollar from TZS 2,246.7 per US dollar in the preceding month. On annual basis, the shilling depreciated by 0.8 percent from TZS 2,226.5 per US dollar in February 2017 (Chart 2.11).
Chart 2.11: IFEM Transactions and Exchange Rate
2,000
2,050
2,100
2,150
2,200
2,250
2,300
-330
-210
-90
30
150
270
390
Feb-
17
Mar
-17
Apr-1
7
May
-17
Jun-
17
Jul-1
7
Aug-
17
Sep-
17
Oct
-17
Nov-
17
Dec-
17
Jan-
18
Feb-
18
TZS/
USD
Milli
ons
of U
SD
Bank of Tanzania's net sale (+)/ net purchase (-) (LHS)Banks' sales (LHS)Weighted average exchange rate (RHS)
Source: Bank of Tanzania.Note: LHS refers left hand scale and RHS right hand scale.
3.0GovernmentBudgetaryOperations
Domestic revenue realized by the Government amounted to TZS 1,621.9 billion in February 2018, of which TZS 1,576.0 billion were collections by the central government. Tax revenue rose by 5.0 percent from the amount collected in the similar month in 2017 to TZS 1,138.9 billion. Meanwhile, local government collections from own sources was TZS 45.9 billion compared with TZS 36.9 billion in February 2017. Chart 3.1 shows Government resources during February 2017 and 2018.
Chart 3.1: Government Resources in FebruaryBillions of TZS
421.
3
310.
4
269.
4
84.0
284.
0
24.0
445.
4
347.
8
272.
0
73.7
437.
1
101.
9
Taxes onimports
Income tax Taxes on localgoods andservices
Other taxes Non-taxrevenue
Grants
2017 2018
Source: Ministry of Finance and Planning, and Bank of Tanzania computations
During the month, government expenditure amounted to TZS 1,586.7 billion, of which recurrent expenditure was TZS 880.7 billion and development expenditure was TZS 706.0 billion (Chart 3.2).
Chart 3.2: Government Expenditure in FebruaryBillions of TZS
530.
3
128.
4
300.
4 404.
7
569.
8
125.
5 185.
4
705.
9
Wages and salaries Interest costs Other recurrentexpenditure
Developmentexpenditure
2017 2018
Source: Ministry of Finance and Planning, and Bank of Tanzania computations.
7March 2018
4.0ExternalSectorPerformance2
The overall balance of payments improved considerably to a surplus of USD 1,473.0 million in the year ending February 2018 from a surplus of USD 416.4 million in the year to February 2017. The improvement was explained by an increase in official current transfers. Gross official reserves increased to USD 5,769.3 million at the end of February 2018 from USD 4,354.1 million at end of February 2017. The reserves were sufficient to cover 5.9 months of projected import of goods and services, excluding FDI financed imports. Meanwhile, gross foreign assets of banks amounted to USD 723.3 million at the end of February 2018. Services account improved by 32.1 percent to a surplus of USD 1,925.8 million during the year ending February 2018 from the surplus in the corresponding period in 2017. The improvement was on account of an increase in services receipts coupled with decline in services payments. Services receipts amounted to USD 4,014.0 million and was 11.2 percent higher than amount realized in the year to February 2017, largely following increase in travel and transport receipts (Chart 4.1). Travel receipts rose to USD 2,405.1 million from USD 2,108.3 million on account of increase in the number of tourist arrivals, while transport receipts grew by 9.0 percent to USD 1,177.3 million on account of increase in transit goods to-and-from neighbouring countries.
Chart 4.1: Services ReceiptMillions of USD
1,90
5.7
1,01
5.5
578.
3
2,10
8.3
1,08
0.2
420.
8
2,40
5.1
1,17
7.3
431.
6
Travel (Tourism) Transport Other services
Year ending February2016 2017 2018
Source: Bank of Tanzania and banksNote: Other services include construction, insurance, financial, telecommunication, computer, information, government, charges for the use of intellectual property, personal and other business services
2 Compilation of trade statistics for the period under review had not been completed by the time of this publication due to statistical challenges associated with implementation of single custom territory under the EAC. Steps are being taken in to addressing the challenges.
Service payments declined by 2.9 percent to USD 2,088.2 million in the year ending February 2018 from amount paid in the year to February 2017. The decrease was largely contributed by lower foreign payments for transport (Chart 4.2). Transport foreign payments, which accounted for the largest share of services payments of about 37.5 percent, dropped by 15.1 percent to USD 783.1 million, consistent with the decline in the value of goods imports.
Chart 4.2: Services PaymentsMillions of USD
1,04
9.5
1,17
7.2
440.
8
922.
3
867.
9
361.
5
783.
1
839.
1
466.
0
Transport Travel Other services
Year ending February2016 2017 2018
Source: Bank of Tanzania and commercial banksNote: Other services include construction, insurance, financial, telecommunication, computer, information, government, charges for the use of intellectual property, personal and other business services
Primary income account—income from capital related transactions and compensation of employees, recorded a net deficit of USD 1,259.5 million compared with net deficit of USD 1,098.4 million in the year ending February 2017. The widening of the primary income account deficit was explained by increase in payments under investment income, particularly interest payments, and compensation of employees.
Secondary income account balance improved by 19.7 percent to a surplus of USD 442.6 million from USD 369.6 million in the year ending February 2017. The expansion was supported by increase in official current transfers, which more than doubled to USD 158.1 million when compared to the amount received in the year ending February 2017.
4.1 WorldCommodityPricesDuring February 2018, world market prices of selected agricultural and non-agricultural commodities declined, save for coffee (Robusta), tea (Mombasa Auction) and cloves (Table 4.1). While prices of cloves and tea (Mombasa Auction) rose on account of higher global demand, that for coffee (Robusta) increased following production decline in
8 March 2018
major growing countries. Meanwhile, average prices of crude oil and white petroleum products eased during the month largely explained by increase in oil production in USA and stronger US dollar. Gold prices decreased following lower demand for gold as investment portfolio.
On annual basis, the world market prices of selected agricultural and non-agricultural commodities increased, except for Arabica coffee and sisal (Table 4.1). Crude oil and white products prices recorded the highest increase during the period associated with extended production cut by Organization of Petroleum Exporting Countries (OPEC) members and some non-OPEC countries. Price of gold increased following higher demand for gold as safe investment portfolio. Tea price rose mainly due to strong demand coupled with low supply following production decline in major producing areas contributed by unfavourable weather conditions. Conversely, prices of cotton and cloves rose mainly due to high global demand.
Table 4.1: World Commodity Prices
2017 2018
Robusta coffee USD per kg 2.0 2.0 1.0 2.1 2.2 4.3
Arabica coffee USD per kg 3.1 3.0 -2.0 3.7 3.2 -13.0
Tea (Average price) USD per kg 3.1 2.9 -3.6 2.7 3.1 14.7
Tea (Mombasa auction) USD per kg 2.8 2.8 1.4 2.4 2.8 18.6
Cotton, "A Index" USD per kg 2.0 2.0 -3.0 1.7 1.9 9.4
Sisal (UG) USD per kg 1.7 1.7 0.0 1.8 1.8 -1.7
Cloves USD per kg 7.9 8.1 2.2 8.4 8.6 3.5
Crude oil* USD per barrel 66.2 63.5 -4.2 46.7 54.6 16.9
Crude oil** USD per barrel 66.0 62.8 -4.9 45.5 54.9 20.8
White products*** USD per tonne 634.3 616.0 -2.9 449.2 535.1 19.1
Jet/Kerosine USD per tonne 634.1 618.5 -2.5 421.4 514.6 22.1
Premium gasoline USD per tonne 634.6 613.4 -3.3 477.1 555.5 16.4
Gold USD per troy ounce 1,331.3 1,330.7 0.0 1,259.7 1,277.2 1.4
Commodity Unit measure Jan-18 Feb-18Percentage
change
Year ending February
Percentage change
Source: http:www.Worldbank.org/Prospects, World Bank Public Ledger, Bloomberg and Tanzania Sisal BoardNote: *Average of Brent, Dubai and West Texas Intermediate, ** f.o.b. Dubai, and *** West Mediterranean
5.0NationalDebt5.1 ExternalDebtExternal debt stock—comprising both public and private sector debt—was USD 20,109.9 million at the end of February 2018, an increase of USD 691.7 million and USD 2,549.6 million from January 2018 and Febarury 2017, respectively. The increase in both occasions was on account of new disbursements, exchange rate flutuations and accumulation of interest arrears. Central government external debt, which continued to account for the largest share
of the total external debt stock, increased by USD 257.4 million and USD 1,799.4 million from the amount recorded at the end of January 2018 and February 2017, respectively (Table 5.1).
Table 5.1: External Debt Stock by BorrowersMillions of USD
Amount Share (%) Amount Share (%) Amount Share (%)
Central government 13,765.3 78.4 15,307.3 78.8 15,564.7 77.4
DOD 12,997.4 74.0 14,467.9 74.5 14,722.4 73.2Interest arrears 767.9 4.4 839.4 4.3 842.3 4.2
Private sector 3,458.4 19.7 3,878.7 20.0 4,308.0 21.4
DOD 2,857.6 16.3 3,183.9 16.4 3,515.6 17.5
Interest arrears 600.8 3.4 694.8 3.6 792.4 3.9
Public corporations 336.6 1.9 232.2 1.2 237.2 1.2
DOD 312.5 1.8 209.7 1.1 207.4 1.0
Interest arrears 24.1 0.1 22.5 0.1 29.8 0.1
External debt stock 17,560.3 100.0 19,418.2 100.0 20,109.9 100.0
BorrowerFeb-17 Feb-18Jan-18
Source: Ministry of Finance and Planning, and Bank of Tanzania.Note: DOD denotes disbursed outstanding debt.
The composition of external debt in terms of creditor category remained almost unchanged from the previous month and corresponding period in 2017, where debt owed to multilateral institutions remained dominant accounting for 47.8 percent of the external debt stock, followed by commercial debt. Table 5.2 summarizes the composition of external debt stock in terms of creditor profile.
Table 5.2: External Debt Stock by CreditorsMillions of USD
Creditor category Amount Share (%) Amount Share (%) Amount Share (%)
Multilateral 8,158.2 46.7 9,143.2 47.1 9,609.2 47.8
DOD 8,148.9 46.6 9,120.7 47.0 9,584.7 47.7
Interest arrears 9.3 0.1 22.5 0.1 24.5 0.1
Bilateral 1,708.8 9.8 1,836.2 9.5 1,861.0 9.3
DOD 940.9 5.4 996.8 5.1 1,019.1 5.1
Interest arrears 767.9 4.4 839.4 4.3 841.9 4.2
Commercial 5,806.7 33.2 6,289.0 32.4 6,324.9 31.5
DOD 5,454.8 31.2 5,958.8 30.7 5,981.9 29.7
Interest arrears 351.9 2.0 330.2 1.7 343.0 1.7
Export credit 1,809.8 10.4 2,149.7 11.1 2,314.8 11.5
DOD 1,538.1 8.8 1,785.0 9.2 1,859.7 9.2
Interest arrears 271.7 1.6 364.7 1.9 455.1 2.3
External debt stock 17,483.5 100.0 19,418.1 100.0 20,109.9 100.0
Feb-17 Feb-18Jan-18
Source: Ministry of Finance and Planning, and Bank of Tanzania.Note: DOD denotes disbursed outstanding debt.
In terms of debt inflows, external loans disbursed during February 2018 amounted to USD 106.5 million compared with USD 91.6 million in the preceding month, of which USD 82.3 million was received by the central government and the balance by private sector. Meanwhile, cummulative disbursements during the year ending February 2018 was USD 1,762.8 million, of which USD 1,444.9 million was
9March 2018
in favour of the central government. As regard to debt outflow (debt service), about USD 19.5 million was paid out in February 2018 compared with USD 200 million in the preceding month. Debt service payments during the year ending February 2018 amounted to USD 1,022.6 million, of which USD 664.8 million was principal repayment and the balance was interest payment.
5.2 DomesticDebtCentral government domestic debt stock, including overdraft, amounted to TZS 13,742.0 billion at the end of February 2018, an increase of TZS 330.7 billion from the debt stock at the end of the preceding month and TZS 3,093.1 billion from the end of the corresponding month in 2017 (Chart 5.1).
Chart 5.1: Government Domestic Debt Stock
1,907.1 2,552.5
3,368.2 4,134.0
5,239.7 6,168.1
7,415.3
9,197.6
10,648.9
13,742.0
Feb.09 Feb-10 Feb-11 Feb-12 Feb-13 Feb-14 Feb-15 Feb-16 Feb-17 Feb-18
Source: Bank of Tanzania.
Debt of longer maturity (Treasury bonds and stocks) continued to dominate the stock of domestic debt, all together accounting for 68.6 percent of the debt stock, up from 67.5 percent and 66.6 percent in January 2018 and February 2017, respectively (Table 5.3). This profile bodes well with the medium-term debt management strategy, which entails lengthening maturity profile of domestic debt in a bid to reduce refinancing risk.
Table 5.3: Government Domestic Debt by Borrowing Instruments
Billions of TZS
Amount Share (%) Amount Share (%) Amount Share (%)
Government securities 10,630.5 99.8 12,628.2 92.7 12,577.1 91.5
Treasury bills 3,535.9 33.2 3,432.9 25.2 3,155.1 23.0
Government stocks 257.1 2.4 257.1 1.9 257.1 1.9
Government bonds 6,837.5 64.2 8,938.1 65.6 9,164.9 66.7
Tax certificates 0.1 0.0 0.1 0.0 0.1 0.0
Non-securitized debt 18.4 0.2 990.6 7.3 1,164.9 8.5
Other debt 18.4 0.2 972.2 7.1 18.4 0.1
Overdraft 0.0 0.0 18.3 0.1 1,146.6 8.3
Domestic debt stock 10,648.9 100.0 13,618.8 100.0 13,742.0 100.0
Feb-18Feb-17 Jan-18
Source: Bank of Tanzania
In terms of domestic debt stock by holders, commercial banks remained dominant, accounting for 41.0 percent of the stock at the end of February 2018, followed by pension funds and the Bank of Tanzania at 27.9 percent and 18.1 percent, respectively (Table 5.4).
Table 5.4: Government Domestic Debt by Holders
Billions of TZS
Amount Share (%) Amount Share (%) Amount Share (%)
Commercial banks 4,579.6 43.0 5,451.8 40.0 5,630.3 41.0
Bank of Tanzania 1,493.9 14.0 2,307.0 16.9 2,481.3 18.1
Pension funds 2,937.2 27.6 3,804.8 27.9 3,835.2 27.9
Insurance 1,178.8 11.1 1,095.4 8.0 1,116.3 8.1
BOT's special funds 309.7 2.9 188.6 1.4 281.7 2.1
Others 149.6 1.4 771.2 5.7 397.2 2.9
Domestic debt stock 10,648.9 100.0 13,618.8 100.0 13,742.0 100.0
Feb-17 Feb-18Jan-18
Source: Bank of TanzaniaNote: Others include other public institutions, private companies and individuals.
Government securities—Treasury bills and bonds—issued in February 2018 for budget financing during the month amounted to TZS 463.9 billion, of which TZS 379.5 billion was Treasury bills. Cumulative domestic debt raised through Treasury bills and bonds during the year to February 2018 was TZS 7,243.1 billion, of which TZS 4,353.8 billion was Treasury bills (Chart 5.2).
Chart 5.2: Domestic Debt Issued for FinancingBillions of TZS
553.4
323.8 272.1382.1 363.6 357.7 417.5
305.5
505.0
201.9291.7
379.5
384.6
176.7 268.1
446.8
208.7 184.7212.6
211.2
229.0
223.4
259.2 84.4
938.0
500.5540.2
829.0
572.3 542.3
630.0
516.7
734.0
425.3
550.9
463.9
Mar
-17
Apr-1
7
May
-17
Jun-
17
Jul-1
7
Aug-
17
Sep-
17
Oct
-17
Nov-
17
Dec-
17
Jan-
18
Feb-
18
Treasury bills Treasury bonds
Source: Bank of Tanzania.Note: Figures on top of each bar are totals
Domestic debt that fell due for payment in February 2018 was TZS 579.4 billion compared with TZS 679.8 billion in the preceding month. Out of debt matured in February 2018, principal amounting to TZS 467.0 billion was rolled over whist interest amounting to TZS 112.6 billion was paid out of government resources. Cumulative debt service during the year ending February 2018 amounted to TZS 6,051.9 billion, out of which TZS 4,766.8 billion was rolled-over and TZS 1,285.1 billion was paid out of the government resources.
10 March 2018
6.0EconomicDevelopmentsinZanzibar
6.1 InflationDevelopmentsTwelve-month headline inflation in Zanzibar eased to 4.8 percent in February 2018 from 5.2 percent in the preceding month, but was higher than 4.5 percent registered in February 2017 (Table 6.1 and Chart 6.1). On month-to-month basis, headline inflation contracted by 0.1 percent compared with an increase of 0.2 percent in February 2017.
Twelve-month food inflation slowed to 1.2 percent from 1.7 percent in January 2018 following a decrease in prices of maize flour, sugar and banana. Non-food inflation was 7.6 percent in February 2018 compared with 7.7 percent in January 2018 and 4.5 percent in February 2017. The increase in annual non-food inflation between February 2018 and February 2017 was driven by fuel prices, which rose by 11.3 percent.
Table 6.1: Inflation DevelopmentsBase: January 2017=100
Main Groups Weight Feb-17 Jan-17 Feb-18 Feb-17 Jan-17 Feb-18
Food and non-alcoholic beverages 43.6 0.2 -2.4 -0.3 4.4 1.8 1.3Alcoholic beverages, tobacco and narcotics 0.2 0.0 0.0 0.0 3.7 3.3 3.3
Clothing and footwear 6.9 -0.1 0.9 0.0 4.0 5.0 5.1Housing, water, electricity, gas and other fuels 18.4 0.3 0.1 0.0 5.1 11.0 10.2
Furnishing, household equipment 5.5 0.0 10.8 -0.3 1.6 13.1 12.8
Health 2.1 0.0 0.0 -0.1 8.9 4.6 4.5
Transport 9.6 0.8 3.5 0.5 3.8 9.4 8.7
Communication 4.2 0.0 0.1 0.0 0.0 0.3 0.3
Recreation and culture 1.3 -3.3 0.8 1.6 -1.3 3.5 8.7
Education 1.9 0.0 5.3 0.0 4.1 5.3 5.3
Restaurants and hotels 3.9 0.0 0.1 0.0 5.7 2.0 2.0
Miscellaneous goods and services 2.3 0.0 1.7 0.0 9.3 2.0 2.0
All items (Headline inflation) 100.0 0.2 0.1 -0.1 4.5 5.2 4.8
Non-food 57.3 0.2 2.0 0.1 4.5 7.7 7.6
Monthly change Annual change
Source: Office of Chief Government Statistician and Bank of Tanzania computationsNote: New weights base on Zanzibar 2014/15 Household Budget Survey (HBS)
Chart 6.1: Twelve-Month Inflation Developments
-3
0
3
6
9
12
15
18
Feb-
15
May
-15
Aug-
15
Nov-
15
Feb-
16
May
-16
Aug-
16
Nov-
16
Feb-
17
May
-17
Aug-
17
Nov-
17
Feb-
18
Perc
ent
Headline Food Non-food
Source: Office of Chief Government Statistician and Bank of Tanzania computations
6.2 GovernmentBudgetaryOperations
Government resource envelope—comprising domestic revenue and grants—amounted to TZS 61.2 billion in February 2018, of which TZS 59.7 billion was domestic revenue and the balance was grants. Tax revenue amounted to TZS 50.8 billion and accounted for 85.0 percent of domestic revenue, whereas non-tax revenue was TZS 9.0 billion (Chart 6.2). Revenue collections performed below February 2018 targets by 3.1 percent largely due to underperformance of tax on imports. Revenue from non-tax and income tax was above the targets for the month by 21.8 percent and 6.0 percent, respectively. Foreign grants amounted to TZS 1.5 billion, above the projection of TZS 0.8 billion. Cumulative revenue collection for the July 2017 to February 2018 period was generally satisfactory. Total collections amounted to TZS 443.1 billion, equivalent to 97.3 percent of projections for the period.
Chart 6.2: Government Resources in FebruaryBillions of TZS
10.7 10.2
5.9
15.2
4.4
1.7
11.0
14.3
8.2
17.2
9.0
1.5
Tax on imports VAT andexcise duties
(local)
Income tax Other taxes Non-taxrevenue
Grants
2017 2018
Source: Ministry of Finance and Planning - ZanzibarNote: Other taxes include hotel and restaurant levies, tour operator levy, revenue stamps, airport and seaport service charges, road development fund and petroleum levy
The Government continued to streamline expenditure based on budget estimates for the month, priorities and available resources. As a result, the Government spent TZS 63.7 billion in February 2018, which was 92.1 percent of the estimates for the month. Recurrent expenses amounted to TZS 45.9 billion and development expenditure was TZS 17.9 billion (Chart 6.3). External financing for development projects amounted to TZS 13.6 billion, while TZS 4.2 billion was from domestic sources. Cumulatively, from July 2017 to February 2018 the Government expenditure amounted to TZS 518.5 billion, equivalent to 88.7 percent of estimates for the period.
11March 2018
Government fiscal operations led to overall deficit after grants of TZS 12.2 billion in February 2018, which was higher than a deficit of TZS 3.5 billion in the preceding month. The deficit was financed through program loans.
Chart 6.3: Government Expenditure in FebruaryBillions of TZS
16.8
18.9
10.5
23.4 22.4
17.9
Wages and salaries Other recurrent expenditure Development expenditure
2017 2018
Source: Ministry of Finance and Planning - ZanzibarNote: Other expenditure include transfers, domestic debt interest, consolidated fund service and other charges
6.3 ExternalSectorPerformance6.3.1 CurrentAccountThe current account recorded a surplus of USD 32.5 million in the year ending February 2018 compared with a surplus of USD 50.9 million in the corresponding period in 2017, owing to increase in imports of both goods and services. The goods account recorded a deficit of USD 108.0 million compared with a deficit of USD 76.5 million in the year to February 2017, while services account recorded a surplus of USD 94.6 million compared with TZS 98.9 million (Table 6.2).
Table 6.2: Current Account BalanceMillions of USD
Feb-17 Jan-18 Feb-18P 2017 2018p
Goods account -4.5 -15.8 -14.8 -76.5 -108.0 41.1
Exports 5.0 2.9 0.8 35.8 62.1 73.4
Imports (fob) 9.6 18.7 15.6 112.3 170.1 51.4
Services account 7.1 9.1 7.8 98.9 94.6 -4.3
Receipts 13.0 15.5 14.0 147.3 160.5 9.0
Payments 6.0 6.3 6.1 48.4 65.9 36.2
Goods and services 2.5 -6.7 -6.9 22.4 -13.3 ---
Exports of goods and services 18.1 18.3 14.8 183.1 222.7 21.6
Imports of goods and services 15.5 25.0 21.7 160.7 236.0 46.8
Income account 1.0 0.8 0.9 4.9 8.9 82.8
Receipts 1.4 1.3 1.2 9.8 13.6 38.1
Payments 0.3 0.4 0.4 4.9 4.6 -6.1
Current transfers 0.7 7.9 1.5 23.6 36.9 56.6
Inflows 0.8 8.1 1.6 24.1 38.9 61.0
Outflows 0.1 0.2 0.1 0.6 1.9 ---
Current account balance 4.2 2.1 -4.6 50.9 32.5 -36.1
Year ending February Percentage
change
Source: Tanzania Revenue Authority and Bank of Tanzania computationsNote: p denotes provisional data; “---“ denotes change that exceeds 100 percent, in absolute terms
6.3.2ExportsForeign exchange earnings from exports of goods and services increased by 21.6 percent to USD 222.7 million in the year ending February 2018, following improvement in exports of major export commodities—cloves, seaweeds and manufactured goods—which altogether accounted for 96.8 percent of total earnings from goods exports (Table 6.2 and Table 6.3). Earnings from export of cloves amounted to USD 52.0 million compared with USD 21.5 million in the year to February 2017, mainly on account of volume, which rose to 6,586 tonnes from 2,741 tonnes. Seaweeds exports earnings also improved to USD 3.2 million from USD 2.0 million following increase in the volume. Manufactured goods export3 earnings amounted to USD 4.8 million compared with USD 3.0 million. Meanwhile, exports of fish and fish products rose greatly following large increase in exports of octopus, squids, shrimps, live lobster and crabs.
Table 6.3: Goods Export Performance
Feb-17 Jan-18 Feb-18P 2017 2018p
Traditional exports:
Clove
Value '000' of USD 3,434.6 1,975.0 156.0 21,449.9 52,067.3 ---
Volume '000' tonnes 0.4 0.3 0.0 2.7 6.6 ---
Unit price USD/Tonne 7,877.4 7,900.0 7,800.0 7,825.6 7,905.8 1.0
Non-traditional exports:
Seaweeds
Value '000' of USD 2.7 237.8 368.8 1,974.8 3,152.0 59.6
Volume '000' tonnes 0.0 0.6 1.0 4.3 9.5 ---
Unit price USD/Tonne 450.0 431.3 357.9 456.7 331.5 -27.4
Manufactured goods '000' of USD 1,560.0 508.7 215.2 3,042.5 4,772.5 56.9
Fish and fish products '000' of USD 2.4 63.6 42.8 23.8 156.2 ---
Others exports '000' of USD 8.4 70.3 30.1 2,661.7 1,984.8 -25.4
Sub-total '000' of USD 1,573.5 880.4 656.9 7,702.7 10,065.5 30.7
Grand total '000' of USD 5,008.1 2,855.4 812.9 35,826.9 62,132.8 73.4
Units
Year ending February Percentage change
Source: Tanzania Revenue Authority and Bank of TanzaniaNote: p denotes provisional data; ‘other exports’ mainly include souvenirs and spices; and “---“ change that exceeds 100, in absolute terms
6.3.3ImportsImports of goods and services (fob) rose to USD 236.0 million from USD 160.7 million in the year ending February 2017, driven by both services payments and goods imports. The increase in the cost of goods import occurred mostly in consumer and intermediate goods, which contributed 49.0 percent and 39.3 percent to the increase, respectively. Value of consumer goods imports—mostly rice, sugar, wheat flour and cooking oil—increased, while oil imports—which accounts for 70.1 percent and 43.7 percent of the value of intermediate goods imports and total imports (c.i.f), respectively, increased to USD 55.1 million from USD 42.1 million on account of both volume and price effects (Table 6.4).
3 Includes manufactured goods re-exports
12 March 2018
Table 6.4: Zanzibar Goods Imports by Major Categories
Millions of USD
Feb-17 Jan-18 Feb-18P 2017 2018p
Capital goods 2.5 5.0 4.0 39.8 46.5 16.7
Transport equipment 1.3 1.5 1.3 17.3 17.8 3.1
Building and construction 0.3 0.9 0.7 6.1 7.8 27.9
Machinery 0.9 2.6 1.9 16.5 20.9 27.0
Intermediate goods 5.2 8.5 8.2 56.4 78.7 39.6
Oil imports 3.7 5.3 5.6 42.1 55.1 31.0
Industrial raw materials 1.6 3.1 2.5 14.3 23.5 64.7
Consumer goods 2.8 6.0 4.1 27.2 55.0 ---
Food and foodstuff 1.0 2.3 1.2 8.9 20.0 ---
All other consumer goods 1.8 3.7 2.9 18.4 35.1 91.3
Grand total (c.i.f) 10.5 19.4 16.2 123.4 180.2 46.0
Grand total (f.o.b) 9.6 18.7 15.6 112.3 170.1 51.4
Percentage change
Year ending February
Source: Tanzania Revenue Authority and Bank of Tanzania computationsNote: p denotes provisional data; and “---“ change that exceed 100 percent in absolute terms
13March 2018
StatisticalTablesTable A1: Selected Economic Indicators
Unit 2011 2012 2013 2014 2015r 2016p
National accounts and prices
1.1 Change in GDP at current prices Percent 20.4 16.4 15.5 12.4 13.9 14.2
1.2 Change in GDP at constant prices Percent 7.9 5.1 7.3 7.0 7.0 7.0
1.3 GDP per capita-current prices (TZS) 000 TZS 1,222.2 1,408.2 1,582.8 1,730.4 1,918.9 2,131.3
1.4 GDP per capita-current prices (USD) USD 784.8 896.0 990.1 1,047.1 966.5 979.0
1.5 Change in consumer price index (Inflation) Percent 12.6 16.1 7.9 6.1 5.6 5.2
1.6 Saving to GNDI ratio Percent 14.7 13.2 8.7 16.7 19.4 17.3
Money, credit and interest rates
2.1 Change in extended broad money supply (M3) Percent 18.2 12.5 10.0 15.6 18.8 3.4
2.2 Change in broad money supply (M2) Percent 15.0 16.0 10.9 17.0 13.4 5.3
2.3 Change in narrow money supply (M1) Percent 23.2 17.3 10.4 14.8 15.6 5.3
2.4 Change in reserve money (M0) Percent 17.6 10.1 11.1 17.5 15.6 0.32.5 Total credit to GDP ratio1 Percent 17.2 18.0 18.2 20.2 22.4 20.12.6 Non-governmentsector credit to GDP ratio1 Percent 14.4 14.7 14.6 15.6 17.1 16.0
2.7 Ratio of credit to non-government sector to total credit Percent 83.8 81.7 80.3 77.3 76.0 79.52.8 12-Months deposit rate2 Percent 8.0 11.3 11.6 10.8 10.8 11.52.9 Overall treasury bill rate2 Percent 8.3 13.6 14.2 13.6 12.9 16.22.10 Long-term lending rate2 Percent 14.8 16.0 15.7 16.2 15.3 15.6
Balance of payments
3.1 Exports of goods (f.o.b) Mill. USD 5,097.9 5,889.2 5,258.1 5,194.1 5,316.8 5,661.2
3.2 Imports of goods (f.o.b) Mill. USD -9,827.5 -10,319.1 -11,029.1 -10,917.8 -9,843.1 -8,463.6
3.3 Trade balance Mill. USD -4,729.6 -4,429.9 -5,771.1 -5,723.7 -4,526.3 -2,802.5
3.4 Current account balance Mill. USD -4,380.9 -3,769.6 -4,988.5 -4,843.9 -3,651.3 -2,154.6
3.5 Overall balance Mill. USD -202.0 326.2 507.9 -251.8 -240.8 -104.2
3.6 Gross official reserves Mill. USD 3,744.6 4,068.1 4,676.2 4,377.2 4,093.7 4,325.6
3.7 Reserves months of imports (of goods and services)
(excluding FDI related imports) Months 4.0 4.1 4.5 4.7 5.1 5.3
3.8 Exchange rate:
Annual average TZS/USD 1,557.4 1,571.7 1,598.7 1,652.5 1,985.4 2,177.1
End of period TZS/USD 1,566.7 1,571.6 1,578.6 1,725.8 2,148.5 2,172.6
2011/12 2012/13 2013/14 2014/15 2015/16 2016/17r
Public finance4.1 Current revenue to GDP ratio1 Percent 12.6 12.8 13.5 12.9 14.3 15.64.2 Grants to GDP ratio1 Percent 3.2 2.1 2.1 1.2 0.5 1.04.3 Current expenditure to GDP ratio1 Percent 12.2 13.7 13.3 12.8 13.8 10.94.4 Development expenditure to GDP ratio1 Percent 6.6 5.5 5.2 4.4 4.5 6.84.5 Budget balance to GDP ratio (excluding grants)1 Percent -6.2 -6.5 -5.0 -4.3 -4.0 -2.14.6 Budget balance to GDP ratio (including grants)1,3 Percent -3.6 -4.2 -3.3 -3.3 -3.5 -1.5
Total external debt stock Mill. USD 10,670.0 12,482.2 14,236.9 15,884.0 17,222.8 18,651.1
5.1 Disbursed debt Mill. USD 9,188.3 11,086.4 12,632.1 14,548.3 15,948.1 17,251.2
5.2 Interest Mill. USD 1,481.6 1,395.8 1,604.8 1,335.7 1,274.7 1,399.9Source: Bank of Tanzania
Note: 1 Calculated on the basis of GDP at current market prices; GNDI stands for Gross National Disposable Income; 2 annual average; 3 includes expenditure
float, and adjustment to cash and other items (net); r denotes revised data; and p, provisional data
14 March 2018
Table A2: Central Government Operations (Cheques Issued) – Tanzania MainlandMillion of TZS
Budget2017/18 Estimate Actual Estimate Actual
Total revenue (including LGAs) 19,977,001.5 13,158,891.8 11,854,313.5 1,472,687.1 1,621,926.3Central government revenue 19,289,695.3 12,691,949.2 11,502,482.4 1,419,390.1 1,575,995.2
Tax revenue 17,059,639.0 11,321,924.9 9,967,040.3 1,283,947.4 1,138,941.6 Taxes on imports 6,292,627.9 4,339,762.2 3,653,424.9 530,936.8 445,414.6 Sales/VAT and excise on local goods 3,865,213.5 2,642,331.5 2,363,070.0 300,444.2 271,963.1 Income taxes 5,810,731.4 3,588,775.9 3,217,177.1 365,000.9 347,831.8 Other taxes 1,091,066.2 751,055.3 733,368.3 87,565.5 73,732.2
Non-tax revenue 2,230,056.3 1,370,024.3 1,535,442.1 135,442.7 437,053.6LGA own sources 687,306.1 466,942.6 351,831.0 53,297.0 45,931.0
Total expenditure1 25,581,105.8 17,624,841.5 12,279,116.1 2,131,951.7 1,586,675.0Recurrent expenditure 13,581,514.1 9,258,405.6 7,570,848.5 1,189,347.9 880,725.5
Wages and salaries 7,205,768.4 4,733,681.6 4,218,891.8 618,021.7 569,810.9Interest payments 1,699,037.6 1,459,917.6 1,350,424.9 176,471.9 125,510.3
Domestic 1,025,546.0 870,248.9 956,226.7 127,900.4 112,352.5Foreign 673,491.5 589,668.7 394,198.3 48,571.6 13,157.8
Other goods, services and transfers 4,676,708.1 3,064,806.4 2,001,531.8 394,854.3 185,404.3Development expenditure and net lending 11,999,591.6 8,366,435.9 4,708,267.6 942,603.8 705,949.5
Local 8,969,747.0 6,253,488.7 3,369,916.4 738,728.1 446,736.4Foreign 3,029,844.6 2,112,947.3 1,338,351.2 203,875.6 259,213.1
Balance before grants -5,604,104.3 -4,465,949.7 -424,802.6 -659,264.6 35,251.3
Grants 1,043,837.8 1,105,253.8 709,951.5 91,604.8 101,856.6Program 190,022.6 190,022.6 70,202.2 0.0 0.0Project 653,194.2 714,609.7 530,304.8 89,326.2 101,856.6Basket funds 200,621.1 200,621.5 109,444.5 2,278.6 0.0
Balance (cheques issued) after grants -4,560,266.5 -3,360,696.0 285,148.9 -567,659.8 137,107.9Expenditure float 0.0 0.0 -71,767.9 0.0 0.0
Adjustments to cash and other items (net) 0.1 0.0 -453,642.5 0.0 69,527.3Overall balance -4,560,266.4 -3,360,696.0 -240,261.4 -567,659.8 206,635.1
Financing: 4,560,266.4 3,360,696.0 240,261.4 567,659.8 -206,635.1Foreign financing (net) 3,339,598.4 1,259,490.4 341,689.7 -49,943.4 150,890.5
Loans 4,522,249.5 2,105,281.1 1,046,457.5 112,270.9 157,356.5Program loans 751,235.1 0.0 0.0 0.0 0.0Development project loans 3,415,560.6 1,860,337.0 1,046,457.5 112,270.9 157,356.5
o/w: Non-concessinal borrowing 1,594,985.0 907,565.0 347,855.6 0.0 0.0Basket support 355,453.8 244,944.1 0.0 0.0 0.0
Amortization -1,182,651.1 -845,790.7 -704,767.8 -162,214.3 -6,466.0Domestic (net)2 1,220,668.0 2,101,205.6 -101,428.3 617,603.3 -357,525.6
Bank and non-bank financing 1,220,668.0 2,101,205.6 -101,428.3 617,603.3 -357,525.6Bank borrowing 1,098,601.2 1,891,085.0 -497,319.2 555,843.0 -314,182.7Non-bank (net of amortization) 122,066.8 210,120.6 395,891.0 61,760.3 -43,342.9
Borrowing/roll-over 4,948,229.0 3,183,976.1 3,245,987.8 490,084.7 467,035.2Domestic and contingent debt amortization -4,948,229.0 -3,183,976.1 -3,245,987.8 -490,084.7 -467,035.2
Source: Ministry of Finance and Planning
Note: 1 Exclude amortization and expenditure float, includes road fund and retention expenditure
2 positive value means financing and a negative value means repayment or build-up of deposits
LGA stands for Local Government Authority, VAT, value added tax, MDRI, multilateral debt relief initiative, MCA(T), millenium
challenge account (Tanzania) and NDF, net domestic financing
July 2017 - February 2018 February 2018
15March 2018Ta
ble
A3: D
epos
itory
Cor
pora
tions
Sur
vey
Billi
ons
of T
ZS
Item
sFe
b-17
Mar
-17
Apr-
17M
ay-1
7Ju
n-17
Jul-1
7Au
g-17
Sep-
17O
ct-1
7No
v-17
Dec
-17
Jan-
18Fe
b-18
P
Net f
orei
gn a
sset
s 8,
521.
48,
388.
28,
018.
98,
095.
99,
573.
19,
987.
410
,270
.810
,396
.310
,980
.911
,427
.611
,596
.111
,380
.711
,196
.2
Bank
of T
anza
nia
8,57
5.0
8,82
7.8
8,69
8.2
8,73
5.5
10,0
16.8
10,6
17.0
11,1
09.0
11,3
02.1
11,3
19.9
11,9
47.8
12,1
49.8
11,7
71.7
11,6
87.6
Oth
er d
epos
itory
cor
pora
tions
-53.
6-4
39.6
-679
.2-6
39.6
-443
.7-6
29.7
-838
.2-9
05.8
-339
.0-5
20.2
-553
.8-3
90.9
-491
.4 Ne
t dom
estic
ass
ets
13,8
58.0
14,2
01.7
14,8
21.8
15,3
14.8
14,2
92.3
13,5
75.2
13,1
97.9
12,7
14.6
12,6
02.0
13,2
56.1
13,1
18.3
13,5
66.5
13,6
81.8
Dom
estic
cla
ims
20,7
29.8
20,6
26.9
21,4
18.5
21,9
93.4
21,0
38.9
20,3
78.8
20,0
21.9
19,6
36.1
19,7
61.4
20,4
93.3
20,1
71.3
20,9
13.1
20,5
31.1
Cla
ims
on c
entra
l gov
ernm
ent (
net)
4,08
7.9
4,01
1.3
4,69
1.7
5,18
1.3
4,17
2.7
3,55
7.6
3,31
0.7
3,27
9.8
3,34
9.7
3,54
3.0
3,27
5.7
3,98
9.6
3,67
5.4
Cla
ims
on c
entra
l gov
ernm
ent
7,78
8.5
7,62
9.9
7,93
7.8
8,24
8.8
8,70
9.8
8,06
3.7
7,84
2.0
7,88
1.2
7,97
0.0
8,24
6.4
8,06
6.5
8,22
5.0
8,51
2.7
Liab
ilitie
s to
cen
tral g
over
nmen
t 3,
700.
63,
618.
53,
246.
23,
067.
54,
537.
14,
506.
04,
531.
24,
601.
34,
620.
34,
703.
54,
790.
84,
235.
44,
837.
3
Cla
ims
on n
on-g
over
nmen
t sec
tor
16,6
41.9
16,6
15.6
16,7
26.8
16,8
12.1
16,8
66.2
16,8
21.1
16,7
11.1
16,3
56.3
16,4
11.8
16,9
50.3
16,8
95.6
16,9
23.5
16,8
55.6
Oth
er it
ems
(net
)-6
,871
.8-6
,425
.2-6
,596
.8-6
,678
.6-6
,746
.6-6
,803
.6-6
,824
.0-6
,921
.6-7
,159
.5-7
,237
.2-7
,053
.1-7
,346
.6-6
,849
.3
Broa
d m
oney
liab
ilitie
s22
,379
.422
,589
.922
,840
.723
,410
.623
,865
.423
,562
.523
,468
.623
,110
.923
,582
.924
,683
.624
,714
.324
,947
.224
,877
.9
Cur
renc
y ou
tsid
e de
posi
tory
cor
pora
tions
3,41
2.5
3,39
4.6
3,36
9.0
3,41
1.2
3,61
5.3
3,62
7.3
3,66
4.7
3,60
9.1
3,56
1.8
3,69
7.3
3,83
1.6
3,67
6.3
3,61
4.4
Tran
sfer
able
dep
osits
10,1
54.3
9,91
1.2
10,2
22.3
10,7
46.2
10,9
85.3
10,7
86.4
10,5
45.6
10,2
88.6
10,5
61.3
11,0
64.0
11,0
12.8
11,3
56.2
11,4
08.0
Non-
trans
f era
ble
(oth
er) d
epos
its8,
812.
59,
284.
19,
249.
49,
253.
29,
264.
89,
148.
89,
258.
39,
213.
29,
459.
79,
922.
49,
870.
09,
914.
69,
855.
5
Mem
oran
dum
Item
s:
Mon
etar
y ag
greg
ates
Res
erve
mon
ey (M
0)6,
484.
86,
356.
76,
486.
36,
560.
46,
827.
16,
709.
66,
861.
36,
551.
36,
682.
37,
189.
66,
954.
47,
169.
27,
143.
2
Exte
nded
bro
ad m
oney
(M3)
22,3
79.4
22,5
89.9
22,8
40.7
23,4
10.6
23,8
65.4
23,5
62.5
23,4
68.6
23,1
10.9
23,5
82.9
24,6
83.6
24,7
14.3
24,9
47.2
24,8
77.9
Dep
osits
in f
orei
gn C
urre
ncy
(FC
D)
6,37
9.6
6,17
1.1
6,00
0.3
6,12
1.5
6,17
7.9
6,19
4.0
6,17
4.6
6,03
7.2
6,29
1.6
6,45
9.0
6,36
4.4
6,40
5.2
6,70
0.1
FCD
in m
illion
s of
USD
2,86
5.5
2,77
4.9
2,69
4.0
2,74
5.7
2,77
0.2
2,77
5.6
2,76
2.8
2,69
7.9
2,81
1.5
2,89
2.9
2,85
3.9
2,85
9.9
2,98
4.8
Broa
d m
oney
(M2)
15,9
99.8
16,4
18.8
16,8
40.4
17,2
89.1
17,6
87.5
17,3
68.5
17,2
94.0
17,0
73.7
17,2
91.3
18,2
24.7
18,3
49.9
18,5
42.0
18,1
77.9
Oth
er d
epos
its in
nat
iona
l cur
renc
y (i
.e.
savi
ngs
and
time
depo
sits
)6,
134.
56,
694.
06,
728.
56,
771.
36,
816.
26,
646.
86,
756.
56,
781.
56,
845.
67,
146.
27,
194.
67,
195.
17,
202.
3
Narr
ow m
oney
(M1)
9,86
5.3
9,72
4.8
10,1
11.9
10,5
17.8
10,8
71.3
10,7
21.7
10,5
37.6
10,2
92.2
10,4
45.6
11,0
78.5
11,1
55.3
11,3
46.9
10,9
75.5
Cur
renc
y in
circ
ulat
ion
3,41
2.5
3,39
4.6
3,36
9.0
3,41
1.2
3,61
5.3
3,62
7.3
3,66
4.7
3,60
9.1
3,56
1.8
3,69
7.3
3,83
1.6
3,67
6.3
3,61
4.4
Tran
sfer
able
dep
osits
in n
atio
nal c
urre
ncy
6,45
2.8
6,33
0.1
6,74
2.8
7,10
6.5
7,25
6.0
7,09
4.4
6,87
2.9
6,68
3.0
6,88
3.8
7,38
1.2
7,32
3.7
7,67
0.6
7,36
1.1
Sour
ce:
Bank
of T
anza
nia
Not
e: p
den
otes
pro
visio
nal d
ata
16 March 2018
Table A4: Interest Rate StructurePercent
Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan FebP
A: Domestic currency
1. Interbank cash market rates
Overnight 7.93 7.42 7.19 6.81 4.08 4.43 4.36 3.87 3.43 3.19 2.95 2.74 1.83
2 to 7 days 9.33 8.73 7.03 7.50 5.66 5.05 5.14 4.56 4.24 3.70 3.40 3.15 2.07
8 to 14 days 9.27 10.56 10.13 6.97 5.58 5.75 7.14 4.93 4.11 3.80 4.04 4.08 2.60
15 to 30 days 9.83 9.97 11.00 9.75 6.06 6.17 7.65 6.30 6.30 4.00 5.43 4.19 3.90
31 to 60 days 12.50 12.50 9.00 9.00 9.00 9.00 7.52 6.50 6.50 9.00 9.00 5.00 5.00
61 to 90 days 14.60 15.75 16.75 16.75 16.75 16.75 16.75 9.00 9.00 9.00 9.00 8.50 8.50
91 to 180 days 15.00 15.00 15.00 15.00 15.00 15.00 15.00 15.00 15.00 15.00 15.00 15.00 15.00
181 and above 12.94 12.94 12.94 12.94 12.94 12.94 12.94 12.94 12.94 12.94 12.94 12.94 12.94
Overall interbank cash market rate 8.68 8.16 7.39 7.23 4.91 4.92 4.87 4.93 3.72 3.46 3.26 3.00 1.97
2. Lombard rate 11.89 11.13 10.79 10.22 8.02 7.22 7.16 7.20 6.90 6.75 6.75 5.10 3.91
3. REPO rate 6.92 6.92 3.82 2.91 2.23 2.23 2.23 2.23 2.23 2.23 2.23 2.24 1.10
4. Reverse Repo rate 8.07 8.28 8.41 6.78 4.07 4.89 6.62 4.93 4.00 5.00 4.55 5.19 5.19
5. Treasury bills rates
35 days 6.50 6.50 6.79 6.53 5.35 4.81 4.77 4.80 4.60 4.50 4.50 3.40 2.61
91 days 7.06 7.20 7.10 6.77 5.53 4.86 4.07 4.10 4.00 4.00 4.00 3.75 3.45
182 days 14.26 13.78 13.02 10.01 7.13 8.54 9.42 8.91 7.51 7.16 5.87 4.29 3.85
364 days 15.52 15.14 14.01 10.99 8.65 9.80 11.42 11.42 10.50 9.60 8.71 7.48 6.58
Overall treasury bills rate 15.02 14.52 13.51 10.44 7.64 9.12 10.61 10.58 9.41 8.93 8.19 6.54 5.45
6. Treasury bonds rates
2-years 17.67 17.61 17.61 16.22 16.22 12.45 12.45 11.76 11.76 11.76 11.10 11.10 9.21
5-years 17.68 17.68 17.92 17.92 17.92 13.07 13.96 13.96 13.96 13.64 13.64 12.16 12.16
7-years 18.44 18.42 18.42 16.48 16.48 16.48 14.28 14.28 14.98 14.98 13.98 13.98 12.96
10-years 18.56 18.56 18.56 18.56 14.76 14.76 15.75 15.75 15.89 15.89 15.89 15.09 15.09
15-years 18.78 18.78 18.88 18.88 18.88 16.15 16.15 16.74 16.74 15.87 15.87 14.65 14.65
7. Discount rate 16.00 12.00 12.00 12.00 12.00 12.00 9.00 9.00 9.00 9.00 9.00 9.00 9.00
8. Savings deposit rate 3.17 3.14 3.17 3.14 3.14 3.10 3.15 2.84 2.81 2.81 2.80 2.86 2.76
9. Overall time deposits rate 10.32 10.89 10.32 10.14 10.31 10.56 10.17 9.80 9.77 9.60 9.62 9.50 8.91
1 month 12.13 11.07 11.50 11.95 11.07 11.16 11.24 10.65 9.24 9.68 10.26 10.41 10.31
2 months 11.64 12.77 12.37 11.45 11.11 11.80 11.52 9.82 11.66 10.73 11.19 11.16 10.09
3 months 10.82 12.37 11.40 11.38 12.01 11.26 9.54 11.61 10.53 10.92 10.99 10.01 8.41
6 months 10.08 11.61 11.63 11.13 11.47 11.49 11.28 11.36 11.21 10.49 10.15 9.72 9.26
12 months 12.12 12.03 12.14 11.99 12.14 11.89 11.69 11.65 11.30 11.27 10.86 10.77 10.09
24 months 12.18 13.00 9.83 9.80 11.02 12.81 12.29 11.21 12.24 12.13 11.82 12.36 12.21
10. Negotiated deposit rate 11.98 12.75 12.59 12.93 12.73 12.51 11.82 10.62 10.30 11.11 11.10 10.90 10.40
11. Overall lending rate 17.80 17.51 18.08 17.81 17.61 17.84 18.03 18.65 17.68 17.63 18.62 18.31 17.27
Call Loans
Short-term (up to 1year) 18.64 18.27 17.88 19.44 18.45 19.18 19.09 18.90 18.86 18.17 18.47 18.65 18.01
Medium-term (1-2 years) 18.97 18.93 19.00 19.71 19.62 19.45 20.02 19.96 18.92 19.17 20.40 20.08 18.85
Medium-term (2-3 years) 17.98 17.39 19.05 17.46 17.19 17.38 17.57 19.00 17.35 17.14 18.79 18.76 16.74
Long-term (3-5 years) 17.71 17.22 18.94 17.61 17.56 17.89 18.01 19.54 18.05 18.06 19.24 18.82 17.96
Term Loans (over 5 years) 15.69 15.72 15.53 14.85 15.21 15.31 15.48 15.86 15.24 15.59 16.21 15.24 14.79
12. Negotiated lending rate 17.06 17.25 15.30 16.85 14.71 15.20 17.38 17.91 17.72 17.08 16.82 15.88 16.20
B: Foreign currency
1. Deposits rates
Savings deposits rate 0.96 0.82 0.74 0.82 0.29 0.28 0.28 0.28 0.29 0.29 0.24 0.70 1.16
Overall time deposits rate 3.95 3.35 3.73 3.10 4.01 3.73 3.30 3.41 3.69 3.79 3.41 4.21 4.10
1-months 3.52 2.74 3.26 3.63 3.17 4.10 2.24 1.97 3.21 3.81 2.54 3.70 3.95
2-months 4.46 3.33 4.28 2.67 4.94 3.61 3.28 3.40 3.98 3.79 2.92 4.25 4.42
3-months 3.59 3.15 3.59 0.71 4.26 3.56 3.70 3.84 3.30 3.00 3.91 4.59 3.72
6-months 4.48 3.18 4.10 4.84 3.98 3.73 3.53 3.47 3.72 4.13 4.03 4.69 4.65
12-months 3.70 4.37 3.44 3.65 3.70 3.66 3.77 4.35 4.24 4.21 3.67 3.83 3.74
2. Overall lending rate 8.54 8.57 8.49 8.28 8.47 8.37 8.12 8.56 7.94 8.05 7.81 7.96 8.39
Short-term (up to 1year) 9.32 9.29 8.70 9.26 9.28 9.50 8.87 9.07 8.15 8.66 7.82 8.48 8.84
Medium-term (1-2 years) 7.89 7.85 8.23 7.66 7.79 8.20 7.39 8.98 7.40 7.38 7.25 7.29 7.92
Medium-term (2-3 years) 8.32 8.61 8.26 8.43 8.85 8.32 8.37 8.42 8.40 8.43 8.29 8.34 8.27
Long-term (3-5 years) 8.31 8.27 8.37 8.21 8.19 8.17 8.25 8.25 8.13 8.11 8.07 8.01 8.03
Term loans (over 5 years) 8.84 8.83 8.88 7.82 8.25 7.68 7.75 8.09 7.63 7.64 7.61 7.69 8.89Source: Bank of Tanzania
Note: p denotes provisional data.
20182017
Items
17March 2018
Table A5: Tanzania Balance of PaymentsMillions USD
Item 2012 2013 2014 2015r 2016P
A. Current account -3,769.6 -4,988.5 -4,843.9 -3,651.3 -2,154.6Goods: exports f.o.b. 5,889.2 5,258.1 5,194.1 5,316.8 5,661.2
Traditional 956.7 868.9 828.8 793.3 885.6Non-traditional 4,164.4 3,703.3 3,798.6 4,040.1 4,260.9
o\w: Gold 2,117.4 1,644.8 1,324.1 1,183.3 1,449.4Unrecorded trade 768.2 685.8 566.8 483.3 514.7
Goods: imports f.o.b. -10,319.1 -11,029.1 -10,917.8 -9,843.1 -8,463.6Balance on goods -4,429.9 -5,771.1 -5,723.7 -4,526.3 -2,802.5Services: credit 2,786.4 3,201.7 3,396.0 3,412.4 3,607.5
Transport 641.1 811.8 902.6 1,024.9 1,061.8Travel 1,712.7 1,880.4 2,010.1 1,902.0 2,131.6Other 432.6 509.5 483.2 485.5 414.1
Services: debit -2,358.9 -2,488.5 -2,668.7 -2,669.7 -2,231.4Transport -1,046.9 -1,137.8 -1,163.0 -1,087.6 -948.7Travel -967.0 -1,033.9 -1,101.6 -1,195.3 -922.3Other -344.9 -316.7 -404.1 -386.8 -360.4
Balance on services 427.5 713.2 727.3 742.6 1,376.1Balance on goods and services -4,002.4 -5,057.9 -4,996.4 -3,783.6 -1,426.4Primary income: credit 131.1 130.1 118.4 110.3 98.5
o/w: Investment income 109.6 99.9 86.5 87.8 67.6 Compensation of employees 21.4 30.2 31.9 22.5 31.0
Primary income: debit -705.1 -835.8 -443.2 -458.4 -1,208.3o/w Direct investment income -560.2 -617.0 -240.4 -173.8 -779.9
Interest payments -84.1 -148.2 -150.9 -248.6 -379.9Compensation of employees -57.0 -67.9 -49.1 -33.2 -46.1
Balance on primary income -574.0 -705.7 -324.8 -348.1 -1,109.7Balance on goods, services and primary income -4,576.4 -5,763.6 -5,321.2 -4,131.7 -2,536.1Secondary income: credit 912.3 836.9 535.5 560.5 452.7
Government 543.6 485.2 177.9 195.2 81.1o\w: Miscelleneous current transfers (Multilateral HIPC relief) 0.0 0.0 0.0 0.0 0.0
Financial corporations, non-financial corporations, households and NPISHs 368.7 351.7 357.6 365.3 371.6o/w: Personal transfers 368.7 351.7 357.6 365.3 371.6
Secondary income: debit -105.4 -61.8 -58.2 -80.2 -71.2Balance on secondary income 806.8 775.1 477.3 480.4 381.5B. Capital account 777.2 658.8 522.2 354.4 420.4Capital transfers credit 777.2 658.8 522.2 354.4 420.4
General government 713.6 595.2 457.9 290.3 357.3Other capital transfers (Investment grant) 713.6 595.2 457.9 290.3 357.3
Financial corporations, non-financial corporations, households and NPISHs 63.6 63.6 64.2 64.0 63.2Capital transfers:debit 0.0 0.0 0.0 0.0 0.0Total, Groups A plus B -2,992.4 -4,329.7 -4,321.8 -3,297.0 -1,734.2C. Financial account, excl. reserves and related items -3,879.6 -5,021.0 -3,244.5 -2,874.4 -2,321.9
Direct investments -1,799.6 -2,087.3 -1,416.1 -1,560.6 -1,365.4Direct investment abroad 0.0 0.0 0.0 0.0 0.0Direct investment in Tanzania 1,799.6 2,087.3 1,416.1 1,560.6 1,365.4
Portfolio investment -6.1 -4.5 -11.5 -27.6 5.0Other investment -2,073.9 -2,929.3 -1,816.9 -1,286.1 -961.5
Assets -220.6 186.4 -29.4 331.7 -129.1Loans (Deposit-taking corporations, except the central bank) -37.2 -0.1 -24.5 186.8 -95.8Currency and deposits -183.3 186.6 -4.9 144.9 -33.3 Deposit-taking corporations, except the central bank -156.3 -20.7 -87.9 69.5 -150.1 Other sectors -27.0 207.3 83.0 75.4 116.8Other assets 0.0 0.0 0.0 0.0 0.0
Liabilities 1,853.4 3,115.7 1,787.5 1,617.8 832.4Trade credits 0.2 0.8 -1.0 -0.1 0.2Loans 1,820.3 2,927.6 1,774.0 1,715.3 901.5 Monetary Authority 0.0 0.0 0.0 0.0 0.0 General government 971.2 1,750.8 1,337.4 1,247.0 381.9
Drawings 1,022.8 1,834.4 1,476.8 1,440.7 828.5Repayments -51.6 -83.6 -139.3 -193.8 -446.5
Banks 30.6 188.5 14.6 97.3 209.2 Other sectors 818.6 988.3 422.0 371.0 310.3
Drawings 872.3 1,070.6 494.5 547.4 453.3Repayments -53.7 -82.3 -72.5 -176.4 -142.9
Currency and deposits 32.8 187.3 14.4 -97.5 -69.3Total, Groups A through C -6,872.0 -9,350.7 -7,566.2 -6,171.3 -4,056.1D. Net errors and omissions -561.1 -183.4 825.5 223.5 -282.2Overall balance 326.2 507.9 -251.8 -199.1 305.5E. Reserves and related items 326.2 507.9 -251.8 -199.1 305.5
Reserve assets 324.7 621.4 -307.3 -273.7 232.2Use of Fund credit and loans 1.5 -113.5 55.5 74.6 73.3
Memorandum items:GDP(mp) billions of TZS 61,434.2 70,953.2 79,718.4 90,863.8 103,744.6GDP(mp) millions of USD 39,087.6 44,382.8 48,240.9 45,766.1 47,653.3CAB/GDP -9.6 -11.2 -10.0 -8.0 -4.5CAB/GDP (excluding current official transfers) -11.0 -12.3 -10.4 -8.4 -4.7Gross official reserves 4,068.1 4,689.7 4,377.2 4,093.7 4,325.6 Months of imports 3.6 4.1 4.2 4.6 5.6 Months of imports(excluding FDI related imports) 4.1 4.5 4.7 5.1 6.3 Exchange rate (end of period) 1,571.6 1,574.0 1,725.8 2,148.5 2,172.6 Exchange rate (annual average) 1,571.7 1,598.7 1,652.5 1,985.4 2,177.1 Source:Bank of Tanzania
Notes: r denotes revised data; p, provisional data; and o/w, of which
18 March 2018
Tabl
e A6
(i): N
atio
nal C
onsu
mer
Pric
e In
dex
(Urb
an a
nd R
ural
), Tw
elve
-Mon
th P
erce
ntag
e C
hang
e (M
ain
Gro
ups)
B
ase:
Dec
201
5 =
100
Head
line
over
all
inde
x
Food
and
non
-al
coho
lic
beve
rage
srTr
ansp
ort
Hous
ing,
wat
er,
elec
tric
ity, g
as
and
othe
r fue
l
Furn
ishi
ng, h
ousi
ng
equi
pmen
t and
ro
utin
e m
aint
enan
ce
Clo
thin
g an
d fo
otw
ear
Res
taur
ants
an
d ho
tels
M
isce
llane
ous
good
s a
nd
serv
ices
Alco
hol
and
toba
cco
Com
mun
icat
ion
Educ
atio
nR
ecre
atio
n an
d cu
lture
Heal
th
Wei
ght (
%)
100.
038
.512
.511
.66.
38.
34.
23.
13.
75.
61.
51.
62.
9
2016
-Jan
6.5
10.7
1.3
1.1
3.5
4.8
4.3
4.0
1.7
0.5
3.4
3.6
4.4
Feb
5.6
9.5
2.0
0.8
3.1
4.5
2.8
3.9
1.8
0.4
3.6
3.3
6.0
Mar
5.4
8.3
2.6
5.5
3.8
4.2
2.8
3.6
2.1
-1.0
2.6
4.1
6.2
Apr
5.1
7.1
2.0
7.0
4.9
4.3
4.8
3.9
4.1
-1.0
2.6
4.1
6.4
May
5.2
7.0
1.6
8.8
4.4
4.5
4.9
3.9
4.9
-0.6
2.7
3.9
6.6
Jun
5.5
8.1
1.3
7.6
4.2
4.6
5.3
3.7
4.9
-0.6
2.7
3.4
6.8
Jul
5.1
7.6
0.4
7.4
3.4
4.2
4.3
4.0
5.5
-0.4
2.8
3.3
6.0
Aug
4.9
6.9
-0.4
6.8
3.6
3.7
5.2
3.9
5.2
-0.2
3.0
3.5
5.9
Sep
4.5
6.0
-0.8
6.5
3.5
4.2
5.2
3.3
5.3
-0.4
2.9
1.2
6.0
Oct
4.5
6.0
0.1
7.2
3.6
3.8
4.3
3.2
5.3
-0.7
2.9
1.5
5.8
Nov
4.8
6.2
0.7
10.9
4.3
3.9
4.4
3.1
5.6
-0.6
2.9
1.8
5.5
Dec
5.0
7.0
0.3
9.9
4.0
3.7
4.2
2.9
5.1
-0.9
2.6
1.8
4.7
2017
-Jan
5.2
7.6
0.6
9.5
3.3
3.4
3.9
2.3
5.0
-0.9
1.8
0.7
4.8
Feb
5.5
8.7
0.6
8.7
3.8
3.2
3.9
1.9
5.2
-1.5
0.8
1.4
3.3
Mar
6.4
11.0
1.6
6.8
3.9
3.4
3.6
3.6
5.2
-0.1
0.8
1.2
3.0
Apr
6.4
11.8
1.9
5.8
3.1
3.9
0.8
4.3
3.5
-0.5
0.8
1.3
2.5
May
6.1
11.6
1.3
4.6
3.2
3.7
0.9
4.0
3.0
-0.8
0.7
1.2
2.9
Jun
5.4
9.6
0.4
7.1
3.2
3.8
0.7
3.7
3.0
-1.0
0.8
0.8
2.2
Jul
5.2
8.9
0.1
7.1
3.3
3.8
0.8
4.0
2.4
-1.0
0.9
1.0
2.4
Aug
5.0
8.6
-0.6
8.9
2.7
3.4
-0.3
3.7
2.5
-1.1
0.8
1.3
2.0
Sep
5.3
9.3
-0.3
8.8
2.6
3.4
-0.3
3.4
2.5
-1.0
0.8
1.9
1.9
Oct
5.1
8.8
0.2
7.6
2.8
3.4
0.6
3.0
2.6
-0.9
0.8
1.9
2.1
Nov
4.4
7.4
0.1
7.8
1.8
3.1
0.3
2.6
2.5
-1.0
0.8
1.6
2.0
Dec
4.0
6.2
0.0
8.3
1.3
2.9
0.3
2.5
2.6
-1.0
0.8
0.9
2.0
2018
-Jan
4.0
6.3
0.3
7.1
1.8
2.7
0.8
2.6
2.6
-1.0
2.5
2.0
1.6
Feb
4.1
5.4
1.6
8.6
1.6
3.3
0.9
2.7
2.3
-0.2
2.5
1.5
1.6
Sour
ce: N
atio
nal B
urea
u of
Sta
tistic
s
Not
e: r
deon
tes
revis
ed d
ata
19March 2018
Table A6(ii): National Consumer Price Index (Urban and Rural), Twelve- Month Percentage Change (Other selected Groups)
Base: Dec 2015 = 100
Period
Food (combining food consumed at home and
in restaurants)Total non-food (all items
less food)rAll items less food
and energy
Energy and fuels (combining electricity and other fuels for use at home with petrol and
diesel)
Weight (%) 37.1 62.9 54.3 8.7
2016-Jan 10.3 2.0 2.4 0.3Feb 8.1 1.9 2.5 -0.6Mar 8.0 3.0 2.8 5.2Apr 7.3 3.5 3.0 6.6May 7.2 3.8 3.0 9.0Jun 8.3 3.6 3.0 7.5Jul 7.8 3.2 2.6 7.3
Aug 7.0 3.0 2.6 5.9Sep 6.0 2.6 2.4 4.9Oct 6.0 2.9 2.5 6.2Nov 6.4 3.8 2.6 11.7Dec 7.4 3.8 2.5 11.7
2017-Jan 8.2 3.6 2.3 11.5Feb 9.3 3.6 2.2 12.3Mar 11.7 3.6 2.2 11.5Apr 12.0 3.4 2.3 9.9May 11.8 3.0 2.2 7.4Jun 9.8 3.1 1.9 10.3Jul 9.3 3.1 2.2 8.8
Aug 9.1 3.1 1.8 10.4Sep 9.8 3.1 1.7 10.9Oct 9.4 3.0 1.7 10.6Nov 7.9 2.9 1.4 11.1Dec 6.7 2.8 1.3 11.4
2018-Jan 6.7 2.8 1.4 10.4Feb 5.8 3.3 1.7 12.1
Source: National Bureau of Statistics
Note: r denotes revised data
20 March 2018
Tabl
e A6
(iii):
Nat
iona
l Con
sum
er P
rice
Inde
x (U
rban
and
Rur
al),
Mon
th-o
n-M
onth
Per
cent
age
Cha
nge
(Mai
n G
roup
s)
Base
: Dec
201
5 =
100
Perio
d
Head
line
over
all
inde
x
Food
and
no
n-al
coho
lic
beve
rage
srTr
ansp
ort
Hous
ing,
wat
er,
elec
trici
ty, g
as
and
othe
r fue
l
Furn
ishi
ng, h
ousi
ng
equi
pmen
t and
ro
utin
e m
aint
enan
ce
Clo
thin
g an
d fo
otwe
arR
esta
uran
ts
and
hote
ls
M
isce
llane
ous
good
s a
nd
serv
ices
Alco
hol
and
toba
cco
Com
mun
icat
ion
Educ
atio
nR
ecre
atio
n an
d cu
lture
Heal
th
Wei
ght (
%)
100.
038
.512
.511
.66.
38.
34.
23.
13.
75.
61.
51.
62.
9
2016
-Jan
0.7
1.0
-0.3
1.6
0.5
0.9
0.3
0.6
0.2
0.0
1.0
0.3
0.5
Feb
0.7
1.2
-0.5
2.0
-0.2
0.2
0.1
0.4
0.1
0.0
1.2
-0.1
1.5
Mar
0.5
0.7
-0.5
2.5
0.3
0.0
0.5
-0.2
0.3
-1.4
0.0
0.6
0.3
Apr
0.5
0.5
0.1
0.2
0.9
0.2
-0.1
0.3
2.0
0.0
0.1
-0.1
0.5
May
0.5
0.5
0.2
1.8
-0.2
0.6
-0.1
0.3
0.8
0.3
0.1
0.2
0.2
Jun
0.5
1.1
0.4
-1.1
0.1
0.5
0.3
0.2
0.2
0.2
0.0
0.4
0.7
Jul
0.0
-0.1
0.2
0.1
0.0
0.2
0.0
0.0
0.6
0.1
0.1
-0.2
0.0
Aug
-0.2
-1.0
0.6
0.0
0.4
0.3
0.9
0.2
0.2
0.0
0.2
0.5
0.3
Sep
-0.2
-1.0
-0.1
1.5
0.3
0.0
0.0
0.3
0.1
-0.1
0.0
-0.4
0.1
Oct
0.1
0.2
-0.3
0.9
-0.1
0.0
-0.9
0.1
0.0
-0.1
0.0
0.3
0.2
Nov
1.1
2.2
0.4
0.7
1.0
0.3
0.4
0.4
0.4
0.0
0.0
0.3
0.1
Dec
0.7
1.6
0.3
-0.6
0.8
0.4
0.0
0.1
0.1
0.0
0.0
0.1
0.1
2017
-Jan
0.8
1.6
0.0
1.2
-0.1
0.6
0.0
0.1
0.1
0.0
0.1
-0.8
0.5
Feb
1.0
2.3
-0.5
1.3
0.3
0.0
0.1
0.0
0.3
-0.7
0.2
0.5
0.1
Mar
1.4
2.8
0.4
0.7
0.4
0.2
0.2
1.5
0.3
0.0
0.0
0.3
0.0
Apr
0.5
1.3
0.4
-0.8
0.1
0.6
0.0
1.0
0.4
-0.4
0.0
0.0
0.0
May
0.2
0.3
-0.4
0.7
0.0
0.4
-0.1
0.0
0.2
0.0
0.1
0.1
0.6
Jun
-0.1
-0.7
-0.6
1.2
0.1
0.6
0.2
-0.1
0.2
0.0
0.0
0.0
0.1
Jul
-0.2
-0.7
0.0
0.2
0.1
0.2
0.0
0.2
0.0
0.0
0.2
0.1
0.2
Aug
-0.4
-1.3
-0.2
1.7
-0.2
-0.1
-0.2
0.0
0.4
0.0
0.0
0.8
-0.1
Sep
0.0
-0.4
0.2
1.3
0.1
-0.1
0.0
0.0
0.0
0.0
0.0
0.2
0.0
Oct
-0.1
-0.2
0.3
-0.2
0.1
0.1
0.0
-0.3
0.1
0.0
0.0
0.3
0.5
Nov
0.5
0.8
0.3
0.9
0.1
0.1
0.2
0.0
0.3
0.0
0.0
0.0
0.0
Dec
0.2
0.5
0.2
-0.2
0.3
0.2
0.0
0.0
0.2
0.0
0.0
-0.5
0.1
2018
-Jan
0.8
1.7
0.3
0.1
0.4
0.4
0.4
0.2
0.1
0.0
1.8
0.3
0.2
Feb
1.1
1.4
0.8
2.7
0.2
0.6
0.2
0.1
0.0
0.2
0.2
0.0
0.0
Sour
ce: N
atio
nal B
urea
u of
Sta
tistic
s
21March 2018
Table A6(iv): National Consumer Price Index (Urban and Rural), Month-on-Month Percentage Change (Other selected Groups)
Base: Dec 2015 = 100
Period
Food (Combining Food Consumed at Home and
Food Consumed in Restaurants)
All Items Less Food and Energy
Energy and Fuels (Combining Electricity and
Other Fuels for use at Home with Petrol and Diesel)r
Total Non- Food (All Items Less Food)
Weight (%) 37.1 62.9 54.3 8.7
2016-Jan 1.1 0.5 0.4 1.4Feb 0.4 0.2 1.4 0.4Mar 0.7 0.2 2.1 0.5Apr 0.9 0.3 0.0 0.3May 0.5 0.2 2.9 0.6Jun 1.1 0.2 -0.8 0.1Jul -0.1 0.1 1.0 0.0
Aug -1.1 0.3 0.4 0.3Sep -1.1 0.3 1.5 0.1Oct 0.1 0.1 0.5 0.1Nov 2.3 0.3 1.0 0.4Dec 1.7 0.2 -0.3 0.1
2017-Jan 1.7 0.3 0.2 1.2Feb 2.4 0.4 2.1 0.1Mar 2.9 0.2 1.4 0.4Apr 1.2 0.4 -1.4 0.2May 0.3 0.2 0.6 0.1Jun -0.7 0.2 1.8 -0.1Jul -0.6 0.2 -0.4 0.1
Aug -1.3 0.0 1.9 0.3Sep -0.4 0.0 1.9 0.3Oct -0.3 0.0 0.2 0.0Nov 0.8 0.3 1.4 0.1Dec 0.5 0.1 0.0 0.1
2018-Jan 1.8 0.3 0.3 0.3Feb 1.5 0.9 0.4 3.7
Source: National Bureau of StatisticsNote: r deontes revised data
22 March 2018
Table A7: National Debt DevelopmentsMillions of USD
Item Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18
1. Overal total debt committed2 24,757.5 25,258.3 25,409.7 25,522.6 26,053.2 26,261.8 26,453.2 26,351.1 26,272.0 26,284.5 26,665.7 26,887.4 27,210.8
Disbursed outstanding debt 16,082.7 16,246.2 16,392.1 16,542.8 17,130.6 17,406.2 17,665.2 17,671.9 17,642.9 17,660.4 17,629.4 17,861.3 18,445.4
Undisbursed debt 8,674.8 9,012.0 9,017.6 8,979.7 8,922.5 8,855.6 8,788.0 8,679.3 8,629.1 8,624.1 9,036.3 9,026.1 8,765.4
2. Disbursed debt by creditor category2 16,082.7 16,246.2 16,392.1 16,542.8 17,130.6 17,406.2 17,665.2 17,671.9 17,642.9 17,660.4 17,629.4 17,861.3 18,445.4
Bilateral debt 940.9 961.6 961.5 968.9 975.0 990.4 999.4 985.4 979.2 970.8 971.7 996.8 1,019.1
Multilateral debt 8,148.9 8,318.1 8,469.2 8,581.7 8,710.0 8,924.6 9,035.4 9,092.1 9,061.6 9,115.3 9,091.9 9,120.7 9,584.7
Commercial debt 5,454.8 5,422.7 5,427.5 5,459.8 5,909.0 5,948.1 6,083.7 5,978.9 5,996.4 5,950.0 5,794.0 5,958.8 5,981.9
Export credits 1,538.1 1,543.8 1,533.9 1,532.5 1,536.7 1,543.0 1,546.7 1,615.4 1,605.7 1,624.3 1,771.8 1,785.0 1,859.7
3. Disbursded debt by borrower category2 16,082.7 16,246.2 16,392.1 16,542.8 17,130.6 17,406.2 17,665.2 17,671.9 17,642.9 17,660.4 17,629.4 17,861.3 18,445.4
Central government 12,829.0 12,981.5 13,032.2 13,155.6 13,721.6 13,987.7 14,240.5 14,190.3 14,165.4 14,176.3 14,189.6 14,467.9 14,722.4
Public corporations 271.0 275.3 276.3 280.9 282.1 285.5 288.5 286.6 285.0 287.7 220.5 203.5 207.4
Private sector 2,982.8 2,989.4 3,083.6 3,106.3 3,126.9 3,133.0 3,136.2 3,195.0 3,192.6 3,196.4 3,219.3 3,189.9 3,515.6
4. Disbursed debt by use of funds2 16,082.7 16,246.2 16,392.1 16,542.8 17,130.6 17,406.2 17,665.2 17,671.9 17,642.9 17,660.4 17,629.4 17,861.3 18,445.4
Balance of payments and budget support 2,304.4 2,311.7 2,353.9 2,368.3 2,771.6 2,827.9 3,005.4 2,931.7 2,882.2 2,874.4 2,812.9 2,915.4 2,845.5
Transport and telecommunication 3,821.7 3,880.2 3,902.7 3,904.0 3,934.2 3,975.3 4,009.9 3,976.6 3,975.1 3,965.2 4,000.9 4,031.4 4,102.0
Agriculture 1,083.0 1,096.6 1,100.5 1,103.1 1,131.1 1,182.8 1,193.6 1,189.6 1,184.1 1,187.3 1,188.7 1,185.5 1,219.0
Energy and mining 2,702.4 2,727.4 2,781.9 2,780.5 2,815.5 2,876.8 2,880.5 2,878.5 2,910.2 2,916.0 2,927.4 2,929.3 2,993.0
Industries 436.3 441.4 439.5 437.2 439.7 446.4 458.6 532.8 538.0 541.0 542.4 540.0 585.0
Social welfare and education 2,404.1 2,427.1 2,457.2 2,485.3 2,540.0 2,588.2 2,611.9 2,657.0 2,645.7 2,662.5 2,697.7 2,795.7 2,902.0
Finance and insurance 754.2 761.1 790.3 884.6 905.0 907.1 905.5 913.2 914.6 915.7 924.0 921.0 1,004.0
Tourism 68.3 69.0 67.8 67.7 68.0 67.7 67.1 67.6 67.1 67.2 67.6 66.6 67.0
Real estate and construction 794.1 803.8 802.3 802.8 804.9 802.9 801.7 804.4 803.4 816.1 816.4 811.0 1,079.0
Other 1,714.3 1,728.0 1,696.0 1,709.1 1,720.7 1,731.0 1,730.9 1,720.7 1,722.4 1,715.1 1,651.4 1,665.4 1,648.9
5. Total amount of loan contracted1 42.4 260.8 122.1 10.8 421.0 7.8 11.5 78.3 1.7 0.4 24.0 32.3 11.0
Central government 0.0 0.0 0.0 0.0 400.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Public corporations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Private sector 42.4 260.8 122.1 10.8 21.0 7.8 11.5 78.3 1.7 0.4 24.0 32.3 11.0
6. Disbursements1 119.3 223.5 136.0 87.7 561.5 136.6 154.5 168.3 44.7 4.6 47.2 91.6 106.5
Central government 84.7 205.2 31.5 65.8 542.4 133.6 151.3 95.4 43.3 4.5 43.0 46.6 82.3
Public corporations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Private sector 34.6 18.3 104.5 21.9 19.1 3.0 3.2 72.9 1.4 0.1 4.2 45.0 24.2
7. Actual debt service1 55.2 153.9 106.5 31.9 57.1 0.0 46.1 147.5 26.1 75.0 159.1 200.0 19.5
Principal 49.6 102.1 25.5 26.1 46.0 0.0 16.6 99.7 14.2 62.5 122.2 135.0 15.0
Interest 5.6 51.8 81.0 5.9 11.1 0.0 29.4 47.8 11.9 12.5 36.9 65.0 4.5
Other payments 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
8. Net flows on debt1 69.7 121.5 110.5 61.6 515.5 136.6 137.9 68.7 30.5 -57.9 -75.0 -43.4 91.6
9. Net transfers on debt1 64.1 69.7 29.5 55.7 504.4 136.6 108.5 20.9 18.6 -70.4 -111.9 -108.4 87.1
10. Arrers by creditors category2 2,878.0 2,984.1 2,950.4 3,002.6 3,162.2 3,213.7 3,267.5 3,334.5 3,365.0 3,428.7 3,589.5 3,604.8 3,918.6
Principal 1,477.2 1,563.2 1,584.4 1,621.4 1,745.3 1,779.5 1,819.5 1,866.0 1,893.7 1,951.2 2,038.6 2,048.0 2,254.1
Bilateral debt 338.5 337.5 338.8 339.8 346.8 348.1 350.5 349.4 302.6 305.1 312.6 319.9 320.0
Multilateral debt 26.4 29.6 37.8 38.3 72.4 76.6 77.2 80.0 91.1 92.0 87.1 88.9 87.4
Commercial debt 640.7 662.2 677.1 688.6 720.6 739.7 770.9 801.2 833.9 849.4 723.2 725.0 810.2
Export credits 471.6 533.9 530.7 554.8 605.4 615.1 620.9 635.4 666.1 704.7 915.8 914.2 1,036.5
Interest 1,400.8 1,420.9 1,366.0 1,381.2 1,416.9 1,434.1 1,448.0 1,468.5 1,471.3 1,477.5 1,550.8 1,556.8 1,664.5
Bilateral debt 767.9 770.6 776.1 781.5 784.8 791.7 799.8 799.7 790.8 794.0 827.5 839.4 841.9
Multilateral debt 9.3 10.6 13.6 13.9 15.0 15.4 16.6 17.9 21.7 22.2 23.3 22.5 24.5
Commercial debt 351.9 361.3 366.8 369.7 378.0 385.0 387.8 401.3 405.6 401.5 331.1 330.2 343.0
Export credits 271.7 278.4 209.5 216.0 239.1 242.1 243.8 249.7 253.2 259.8 368.9 364.7 455.1
11. External debt stock 17,483.5 17,667.1 17,758.1 17,924.0 18,547.6 18,840.3 19,113.2 19,140.4 19,114.3 19,137.9 19,180.2 19,418.1 20,109.9
12. Domestic debt stock 4,783.7 4,935.8 4,973.9 5,092.6 5,285.2 5,374.5 5,458.3 5,530.8 5,614.2 5,687.8 6,013.8 6,206.2 6,279.7
13. Total debt stock 22,267.2 22,602.9 22,732.0 23,016.6 23,832.8 24,214.8 24,571.4 24,671.2 24,728.4 24,825.7 25,194.1 25,624.3 26,389.6
End of period exchange rate 2,226.3 2,223.9 2,227.3 2,229.5 2,230.1 2,231.6 2,234.9 2,237.8 2,237.8 2,233.1 2,230.1 2,250.8 2,255.9Source: Bank of Tanzania
Note: Multilateral arrears are those owed by the private sector
1 denotes debt flows during the period; and 2 denotes stock position at the end of period
23March 2018
GlossaryBroad money (M2)A definition of money that comprises of narrow money (M1) plus the shilling time and savings deposits of the Tanzanian residents with other depository corporations (banks) in the country.
Currency in circulation outside banksNotes and coins of Tanzanian shillings circulating outside the banking system, i.e., outside the Bank of Tanzania and other depository corporations.
Discount rateThe rate of interest that the Bank of Tanzania charges on loans it extends to commercial banks and overdrafts to government.
Exchange rateThe price at which one unit of a currency can be purchased with another currency. In Tanzania, exchange rate is defined as amount of shillings required to purchase a unit of foreign currency, e.g. TZS per US dollar.
Extended broad money (M3)A definition of money that consists of broad money (M2) plus foreign currency deposits of the Tanzanian residents with other depository corporations in the country.
Lombard facilityAn overnight loan facility available for banks to borrow from the Bank of Tanzania, at their own discretion, by pledging eligible government securities as collateral.
Lombard rateThe rate that the Bank of Tanzania charges a bank for borrowing through the use of a Lombard Facility. This rate is determined as the higher of three market rates namely: the weighted average yield for 35-day Treasury bill, the repo rate and overnight inter-bank rate, plus a margin.
Money supply Constitutes the sum of currency circulating outside banks and Tanzanian residents’ deposits with other depository corporations, defined at various levels of aggregation as money supply narrowly and broadly defined. That is, narrow money (M1), broad money (M2), and extended broad money (M3).
Narrow money (M1)Consists of currency in circulation outside banks and the shilling demand deposits of Tanzanian residents with other depository corporations.
Non-food inflation This is a measure of price movements caused by factors other than food prices. It provides better indication of the effectiveness of monetary policy on inflation since price movements in these items are caused largely by monetary policy.
Other depository corporations These are the resident financial corporations and quasi-corporations, except the central bank, whose principal activity is financial intermediation and that issue liabilities in the form of deposits or financial instruments that are close substitutes for deposits included in the measures of money supply. These entities are elsewhere referred to as banks.
Repurchase agreements (repo)These are agreements for the Bank of Tanzania to purchase/sell government securities from/to financial institutions at agreed rate for a specified period, with an understanding that the financial institutions will repurchase/resell the securities from/to the Bank of Tanzania at the end of the period.
Reserve money (M0)The Bank of Tanzania’s liabilities in the form of currency in circulation outside the banking system, cash held by banks in their vaults and deposits of banks kept with the Bank of Tanzania in national currency. Reserve money is also referred to as base money, or the monetary base or high-powered money.
Weighted yields of Treasury bills This is the average yield of Treasury bills, which is weighted by the volume sold of 35-day, 91-day, 182-day, and 364-day Treasury bills, expressed in percentage per year.
x March 2018
For enquiries please contact: Directorate of Economic Research and Policy
Bank of Tanzania, 2 Mirambo Street 11884 Dar Es Salaam
Tel: +255 22 2233328/29
This report is also available at: http://www.bot.go.tz
